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Question by King Creole: Foreclosure on a second mortgage charge off?
Can Chase home financing foreclose on a second mortgage charge off if your keep your first morgage up to date?

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Question by islandgirl: Why is the interest rates on Home Equity line of credit higher than second mortgage loans?

Best answer:

Answer by cptindy
Higher risk usually less collateral more risk more interest

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If you are after a mortgage and have been in service for the military then you should consider getting yourself a VA loan. VA loans are loans which are provided to servicemen to make it easier for them to get mortgage loans. VA loans have been around since 1944 and were created as part of the GI Bill of Rights and, in essence, was designed to ensure that after fighting hard for the country, servicemen would have the capability to afford housing for themselves at a much better rate, so as to ensure a better way of life for their families. VA loans have done a lot of servicemen and women because other than the financing rate which it provides, it also provides the opportunity for soldiers to be able to get a home without a down payment.

In terms of things to note and remember, there are a couple of things which you must be aware of if you plan to get a VA loan. First off, although the loan in itself is a right that is given to soldiers by the government, that doesn’t mean that it is a loan that is provided by the government. In fact, VA loans are provided by private financial institutions. Some of these institutions may be banks, but they are also provided for by other lenders such as savings and loans or other companies which provided mortgages.

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Payday loans or fast cash loans are one of the optimal ways out when you are in a financial emergency. For the lower income households, who live from pay check to pay check, times may arise when you have to attend financial emergencies such as paying some medical bills, car repair, repairing of any electrical lines at home and so on. However, if it is towards the middle or end of the month you may not have enough money left to attend such emergencies. At such times, payday loans come as your saviour. There are many online companies which offer you payday loans without much hassle. All you have to fill up your payday loan form online and submit the information. Since these are no credit check loan, the processing is very fast as compared to traditional loans. You can get the amount credited to your account within twelve hours to twenty four hours.
However, although payday loans sound like all good and no worries in reality it is not so. The main problem with payday loans is that the lenders charge extremely high rate of interest. This can be as high as 400%. As a result of this you can end up having even twice the amount of debt you had borrowed. At such points of time you become clueless as to how to get out of payday loans. Getting out of payday loans is not a very easy job and requires severe determination and extreme self-control. First of all you should make sure that you don’t take out a payday loan unless you really require it.

Once you have taken out a payday loan there are some necessary actions that you should ensure to avoid payday loan debts. Usually payday loans have a time period of fifteen days to thirty days, that is, until your next pay check arrives. You should make it a point to return back the payday loan even if you have to sacrifice on some of your other expenses. The moment you roll over your payday loan balance to the next month, exorbitantly high interest rates will be start being charged and your debts will keep multiplying. If you are already in payday loan one of the best ways out is payday loan consolidation which will make the interest rate lower and thus easier for you to pay back the loan.

Question by tygger: First Time Homebuyer – No Money Down and … (Is this wise?)?
I have one credit card with 15k in debt at 5% and pay $ 300 per month. I will also be a first time homebuyer and will most likely not be putting any money down. Was thinking of doing a 30yr fixed 80/20 loan (if numbers work out to be better than full 100% w/ PMI). Ideally, I would like to pay off my debt before buying a home, but cannot in this situation.

Would it be possible… and what do you think about bumping the mortgage amount up 15K to pay off the debt? In essence, I will most likely be paying more in interest since the mortgage interest rates are higher and amortized over 30yrs, but a 15K increase in the mortgage amount over 30yrs at 7% is approx. $ 100 according to the mortgage calculators.

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Question by lastmile77: Can somebody give me a clue on my mortgage payments?
I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.

The first was $ 114,000 @ 6.75% 30 year fixed.

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Question by dozierdude1: what is a good second mortgage rate?
im buying a second house for a investment. what would be cancedered a good rate for a person with good credit.

Best answer:

Answer by Rusty
no higher than 6% but ide try for 3-4%

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Article by Jenna

A home in Lompoc real estate is considered as one of the biggest assets of an individual. One of its advantages is that it can be a back up when you want to get a loan. In the past years, it was in demand for many individuals to use one of their homes in Lompoc as a way to get extra cash. This can be done through second mortgage.This type of mortgage is usually based on how much equity does the borrower uses to build his home. Getting a second mortgage to buy one of Lompoc homes is easier compared to the first one because the borrower has already been through this process. Since the borrower applied for a loan the second time, transaction costs involved are lower. On the second mortgage, the interest rates are higher than on the first loan, but one advantage is that the paid interest may be tax deductible. As long as the combined loan of the 1st and 2ns mortgage does not exceed the home’s value, the interest is 100 percent tax deductible. The second mortgage allows an individual to borrow a fixed amount of money against the home equity and requires him to repay it after a specific period of time. This amount will be added or combined with the unpaid amount of the borrower on his first mortgage. Always keep in mind that before you get a second mortgage, make sure that you made good payments for your first mortgage balance. An individual might be granted a second mortgage if he doesn’t have much equity, but the loan amount is much lower and interest rates will be much higher. This will result in waste of money and time.The equity of ones home secures a second mortgage. The lender puts a lien on the borrower’s house. This lien will be placed next to the 1st mortgage lien made by the lender. Second mortgage is not recommended for all. Borrowing more than 80 percent of the home’s value will require the borrower to private mortgage insurance. Monthly payments can be a burden too. If you want another loan after the second mortgage loan, you can use it for anything. Home improvement, debt consolidation and college education are some of the common reasons why consumers take out second mortgage loans. Make sure that you are taking this loan for a worthwhile purpose because you might lose a home if you don’t know how to manage payments properly.A second mortgage loan can be a solution to your financial problem, but make sure that you take necessary steps to ensure that enjoy its benefits.

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Article by Subrata Jana

Chapter 7 and Chapter 13 are your consumer bankruptcy options in Atlanta. Chapter 7, as you probably know, erases your unsecured and credit card debt. However, you may not know the reasons why a Chapter 13 bankruptcy may be the right choice for you.

Take a look at the following 12 reasons that you should think about filing Chapter 13 in Atlanta:

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