jdbnosik asked:


When my husband and I sold our home, we took back a 5-year second mortgage for the buyer. Now that we’ve found a home we want to buy, we don’t have enough cash for a down payment, but would like to use the second mortgage as the down payment, and sign it over as a deed of trust with assignment of rents … or something like that. What we’d like to know is whether or not that can be done? Or, if that can’t be done, what kind of transaction can occur that would allow us to us to use that second mortgage as the down payment? I’d appreciate a response from a knowledgeable real estate person, mortgage lender, or other financial/contracts professional. Thank you. jdbnosik

Jennifer

Mom of Elvis asked:


I was given a second as a promissory note that I recorded on my house sale. When I google-earthed it, the house looked empty but could not see a for sale sign. Getting worried.

Angel

Bullwinkle asked:


Can an RV loan be considered a second mortgage and thereby use the interest paid on the loan as a federal income tax deduction?

Jean

sissy79 asked:


My husband and I are getting divorced. he left me with bills I can’t afford. I’m in danger of losing my home and I know I can afford to pay on the mortgage itself and the utilities with only my income but I couldn’t possibly afford a second mortgage payment too. I’ve been thinking of bankruptcy because he has everything behind and I am in debt I never knew existed. Is there any way for me to keep thje house without paying 2 mortgages? Any suggestions?

Angel

CHARLES T asked:


My business partner need out and asuming the first mortage with no problem, and take him off note, can I asum the second.

Alan

Robert J asked:


My first is a 30 year fix at 5.6% , my second is fixed too but really high interest rate, 15.6%. Together I am paying roughly $1400 a month!

Oscar

Elizabeth asked:


Me and my husband just put a bid on a home in colorado, then the day before closing, the title company ‘found’ a second mortgage. Now we are waiting for them to settle it? In the mean time we are staying in a hotel, because are lease expired and are looking into renting again. How long is this going to take, and how did the seller not know about a second before it went to auction?

Brandon

ChimDiwan asked:


I want to buy a second property, but already have a mortgage on the property that I live in. I have plenty of money left over every month and want tobuy a second property. I have enough for a deposit, but does the amount that I want to borrow for the second property still depend on how much I owe on the first?

Veronica

gentletobetamedfish asked:


When I was married my husband took a second mortage on the house. We are now divorced and I was awarded the house but with both mortgages. The bank holding the note for the second mortgage will not send me a payment book because my name is not on the loan. Any advice?
I should add that I have continued to make payments adding the account number to my checks.

Jay

cjburl2@yahoo.com asked:


I’m looking for about 35k to 40k second mortgage; 133k in equity but low FICO scores. I need help for a short term (possibly 6 months) and I will pay whatever interest rate is required.

Tracy