Where does distrustful equity move off a not current 2nd mortgage?
Home has $16,000 in denial equity regarding the 1st mortgage which we have current. Where does that depart from our 2nd mortgage which is not current due to loss of job?
Answers:
It depends on what you are trying to do. Almost everyone is upside down on their home value. But, with the foreign law that Pres. Obama put in place they can still refi.
With man behind and having a situation loss you can qualify for a loan modification. Source(s): My source is that I am a 50 state loan officer able to do residential & commercial loans, loan modifications and more!
One does not have negative equity on freshly one mortgage - to determine your negative equity, add your 1st and 2nd mortgages together and after subtract your houses value - that is your gloomy equity. If you are past due on the second mortgage, they can foreclose at any time - the only difference between your first and second is the writ in which they get compensated from receipts from selling the house. Since you are negative beyond what is owed on the first, my guess is that the second may let you slide for a while since they would be looking at taking a total loss on the be a foil for. They will continue to tack on interest until either you start paying them or until a combination of payments on the first mortgage plus any possible appreciation make the home worth more than the balance on the first mortgage as of which time, a foreclosure would get them some of their money rear legs.
Totally in the negative---no equity.
A 2nd mortgage is subordinant to the first.
Doesn't concern why it is not current, it is, and it will affect your credit. If they go to foreclose on it, then your first lender may lug action.
Go to HUD approved credit counselor to learn your option. Talk with lender about loan modification, loan forbearance, and the current Obama Help for Home owners program. Keep calling and speak with more than one person at lender. Source(s): export tax pro
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Answers:
It depends on what you are trying to do. Almost everyone is upside down on their home value. But, with the foreign law that Pres. Obama put in place they can still refi.
With man behind and having a situation loss you can qualify for a loan modification. Source(s): My source is that I am a 50 state loan officer able to do residential & commercial loans, loan modifications and more!
One does not have negative equity on freshly one mortgage - to determine your negative equity, add your 1st and 2nd mortgages together and after subtract your houses value - that is your gloomy equity. If you are past due on the second mortgage, they can foreclose at any time - the only difference between your first and second is the writ in which they get compensated from receipts from selling the house. Since you are negative beyond what is owed on the first, my guess is that the second may let you slide for a while since they would be looking at taking a total loss on the be a foil for. They will continue to tack on interest until either you start paying them or until a combination of payments on the first mortgage plus any possible appreciation make the home worth more than the balance on the first mortgage as of which time, a foreclosure would get them some of their money rear legs.
Totally in the negative---no equity.
A 2nd mortgage is subordinant to the first.
Doesn't concern why it is not current, it is, and it will affect your credit. If they go to foreclose on it, then your first lender may lug action.
Go to HUD approved credit counselor to learn your option. Talk with lender about loan modification, loan forbearance, and the current Obama Help for Home owners program. Keep calling and speak with more than one person at lender. Source(s): export tax pro
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