Jackie N asked:


My husband and I are considering taking out a small second (approx $10,000) on our condo to pay the 3% downpayment required for a second home. We plan on using the FHA loan. Are we able to do this? We live in California, and lending rules are becoming very strict. Thank you in advance.

Anne

tonioah asked:


Would this transaction constitute a taxable distribution from the IRA and/ or may I continue to deduct the interest paid on the second mortgage as an itemized deduction.

Andre

Xtina asked:


and where can I find detailed information about both and their differences?

Tyrone

Tinnaaa asked:


I am trying to sell my house. The sales price is $131500, the buyer was able to get a loan for 97% of the sales price. However they want me to do a Seller’s Second Mortgage for the remaining 4% ($5000). How exactly will that work? What do I base the terms on? How does the agent get paid?
The house had very little equity in it. How does my bank get paid? Is it a good idea to even consider in the first place. Thanks.

Lois

alvin asked:


Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn’t pay them, they will reported to the IRS, so they can charge it off on my paycheck. It’s that true. Need some advice. Thank You!!

(I had a 80/20 loan with two different bank lenders)
Oceanside, California

Donald

AlexRey asked:


This is from a company who handles our short sales - if the loan is not a purchase money loan, the lender on the second mortgage has 4 years to go after the owners for a settlement of at least 10% of the balance.

Dale

mo asked:


There is no collateral as the house is sold.What will be their next move.Also if they sell my second loan to another party what is the average that they will settle for?

Ron

dave asked:


our bankrupcy is disgharged do we still have to pay on the second mortgage

Calvin

hit_man1 asked:


whats the difference between the two? what are examples of second mortgages and first mortgages? thanks!

Philip

Mr. Free asked:


I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home ($225,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?

Amber