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

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

Jeanie asked:


I sold my home, and the purchaser was not able to come up with the full asking price, so we gave the purchaser a second mortgage note on the property for the balance. The note has now matured and the purchaser has not paid the principal due. Also the purchaser is trying to sell the property.

Hazel

tjw asked:


How can I satisfy the second mortgage when the employer will only pay off the 1st mortgage. Can I get a personal loan to pay it off. Will a bank loan me 80,000 to pay it off??? Sorry I wasn’t clear before.

Derrick

Brian B asked:


I’ve thought about renting out my house and buying a second home.

Is it better to have 2 separated mortgages or consolidate them?

Ronnie

JOHN V asked:


I Want to Buy New Home Good idea to take a second mortgage.
Ihave a home already paid off

Paul