Silent 2Nd Mortgage

The US government has blessed us with the ability to deduct our mortgage interest expense from our income, thereby lowering our tax liability. If you go to Canada, Australia, Asia, and Europe, there is no such benefit. At least they’ve got cheap healthcare! Given the US has a progressive tax.

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Lenders once looked to AARP as a silent supporter of reverse mortgages. who remained in the home after one spouse died were part of the reverse mortgage agreement when it was first signed. However,

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Like a sleeping bear, long-silent second mortgages hibernate in people’s houses these days. They are quiet, a snoozing predator, just waiting for spring. And it can be bloody when those sleeping mortgages awaken hungry and look around for something to fill its pocket.

A mortgage usually requires at least a 20% down payment, to ensure there is equity in the property and the buyer can afford it. A silent second mortgage is used to pay for the down payment on the primary mortgage by borrowing against the same property, but this is not willfully disclosed to the primary mortgage company.

The seller, realtor, and mortgage broker all told me this was a perfectly legal practice, and the seller would disolve the silent mortgage shortly after closure. Now the seller is threatening me with law suits for default on this 2nd mortgage, which would result in foreclosure down the road.

A silent second mortgage is a second mortgage with no monthly payments. The best way to understand how a silent second mortgage can be used is to see an example. My hard money commercial mortgage company, Blackburne & Sons, was recently asked to refinance a balloon payment on a nice apartment building.

Loan No Job What Is a No credit check loan for the Unemployed . Many people have found themselves in serious financial trouble after the years of recession brought unemployment, often home repossession and limited opportunity of new employment.Prepayment Penalty Definition Purchasing a Home > Understanding Hard and Soft Prepayment Penalties: Date: 03/24/2007 In the mortgage world, you will often come across loan clauses called prepayment penalties. A prepayment penalty is inserted into a mortgage loan in order to deter a borrower from selling or refinancing within a short period of time.

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