j r asked:


Is a 2nd mortgage the same as a home equity loan? Thanks

Willie

I M asked:


I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second ($3000). I only have $5000 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

Cheryl

Kaydee asked:


I have a 2nd mortgage with irwin. 3 years ago i declared bankruptcy for medical reasons but did not reaffirm this mortgage. I did not know that i needed to and Irwin was not present at the hearing. they have tried to foreclose which I stopped and now they won’t let me pay off with a refinance but won’t disclose why. Anyone else have similar problems?

RUDY

dwanal asked:


I’ve been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I’ve been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.

CLINT

WhoK asked:


We have 2 mortgages (1st & 2nd), my friend withdrew an other line of equity. What happens to the equity line loan if we sell this house short? Can we ask the bank to convert equity loan to personal loan and we continue to pay for it?
Sorry that I was not clear in the question. Basically, on this house, we have 3 loans: 1st mortgage with mortgage company A, 2nd mortgage with mortgage company B (we used 100% financing when bought this house), and the equity loan with a bank (3rd loan that my friend’ sister took out to do something else.)

Now we have problem with the first loan since it is ARM (we didn’t know when signing paper). The rate is reset, we start having problem to pay for it. We want to short sell the house, but not sure what to do with the 3rd loan: the equity loan. For the 1st / 2nd, we may have to pay the tax if the banks agree to let us short-sell the house and issue the 1099-C, but because the third loan (equity loan) is from another bank we are not sure if this bank agrees to release for us to sell the house or willing to renegotiate the loan for us to pay as personal loan.

ESTEBAN