Mortgage with a second loan going into collections?
If I could not negotiate with my first mortgage co still waiting to see if they will modify my loan meanwhile Citi who had the second part of the 80 / 20 sent it to a collection agency what do i do now? Especially if my first loan is willing to negotiate a modified loan- Pay the 2nd off? Figure out how to live within your means. Not trying to be snippy, but so many people fall into this because lenders love to you in. I had a job raking in 42, 000 a year. now I am earning 8. 25 part time at a local sporting good store. Have you talked to a debt consolidation person? they will be a good line of defense and action. Collections can only go so far as long as you are keeping in touch, and making an attempt to pay. It's when you ignore them that the file judgements and garnish wages, sieze ets. You have GOT to learn to budget and make sure you can survive any economy
- Highly doubt the first will modify when the second is in default and in collections
- if you have not paid them they will notify the first of the default and foreclosure will be started from both lenders. Even if the second never gets a dime you will have two foreclosures against you in your credit file
- 2nd mortgages do not put you in collection. they foreclose on you. big difference. You will want to see if you can refinance into a one loan. maybe FHA. If you can do that most times the second will waive all of their late fees just to settle the account
Knowledge Base
Has anyone been able to get a mortgage loan with bad credit?
my rent is more than a house payment would be! wanting to work with a trusted company where i will not get screwed over! help!. that depends on how bad the credit and whether or not you have a down payment. having money to put down on the home can (home mortgage loan)
How long will it take the latest 3 / 4% interest rate cut to affect the mortgage and loan companies rates?
with the fed's decision to cut interest rates, i understand that banks will follow suit and lower interest rates. how fast will it take for these changes to go into place? at what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect (refinance mortgage loans)
How can i get low interest rate mortgage loan?
my household my self and my wife income is around 42k per year. i am planing to buy house. will i get any low interest rate because of low income. my credit score is really good above 800. interest rate is more dependent on the type of mortgage and your (bad credit mortgage loan)
Knowledge Base: Mortgage Loan
Getting pre approved for a mortgage loan with BAD credit?
im trying to buy a house and i know which house i want. i tried to get pre approved and they told me that i needed to pay off my bills first. im using sony mae mortgage loaning and i just want to know why or how i can not (mortgage equity loan)
Is there any way to get a mortgage loan with bad credit?
hi there, i was wondering if there is any way at all to obtain a mortgage loan with bad credit, my home is sold and i am looking at a condo, i have half of the money for the condo but will need another half through a mortgage loan. is (home mortgage loan)
What is a normal mortgage loan rate for someone with no credit? Living in Central OK ?
i am looking online at some houses and have never tried to buy one before. i have always rented. i live in central oklahoma and have next to no credit. i know the range is like 5 - 10%, but that's about all i know. current rates for a conventional (home mortgage loan)
Can you get a bad credit mortgage loan anymore?
have a credit score of around 620 - 640. past wage garnishment a year ago but paid off early. past car repossession reason for the garnishment. other small things charged - off. only looking for a mortgage loan of $25k or less with $10k for down payment. with todays economy, (home mortgage loan)
One of my mortgage loans is 20k at a rate of 9%. What steps do I take to best refinance the smaller loan?
your first call should be to your mortgage broker and see if you might be able to consolidate your first and second mortgage into a larger primary mortgage first mortgages always have a better rate, but be careful of prepayment penalties on either loan. likely your mortgage broker will help (refinance mortgage loans)
Knowledge Base: Second Mortgage Loan
My mortgage bank is offering me to pay my second loan at a reduced amount. Should I take it?
2 days ago i got a letter from aurora loan services, they are offering me to pay about half of my second mortgage loan and saying that, if i do it, "my loan will be considered payed in full". i have to do it within 30 days and the payment (second mortgage loan)
Pay PMI or second mortgage loan?
we're refinancing and our home value has dropped causing us to pay $105 / month in pmi, but we're still saving $100 / month with the lower interest rate. our ltv is at 83. 4% and once 80% ltv is reached we will have no more pmi. this could take (second mortgage loan)
Can one partner takes out home equaty loan or second mortgage without the other partner's singniture?
if husband and wife own the house together, can one of them without the other knows borrow $ from bank to get equaty or seond mortgage on that house? what happens if the second mortgage could not be meet and be forceclosure? will the other perosn resposible for the laon (second mortgage loan)
Should I stay away from a second mortgage interest only loan?
i have 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 have been told that the 2nd loan is home equity line of credit. how much will my payments (second mortgage loan)
which law covers a second mortgage loan after a foreclosure?
my home went through forclosure and was sold. i had a second loan on the house and the loan company sent it to a collection agency to try and collect. i believe there is a law that would prevent them from being able to collect on the second. i have (second mortgage loan)
