Question by mike: Bankruptcy and 80/20 mortgage loans? I filed for bankruptcy and have an 80/20 loan. the 2nd mortgage is 26,000. Will that be discharged and will I still be able to keep my home if I still make the payments on the 1st mortgage? Best answer for Bankruptcy and 80/20 mortgage loans?:
Answer by jacksonphisig
with a chapter 7 or 13 there is no way to get rid of mortgage debt (1st or 2nd)... you should be able to keep your home, but you will still have both mortgages. But if you are asking if you only make payments to the first mortgage and not the second will be be able to keep you home the answer is no, they both have a lien on the title/deed to your home and either has the ability to foreclose.
Answer by John T
Typically, you must continue to make payments on both the first and second mortgages to retain your home.
Answer by back l
with a chapter 7 or 13 there is no way to get rid of mortgage debt
Answer by Nick
For Bankruptcy help You can submitt your issue in the following website and a lawyer will contact you within 24hrs. Don't worry about their charges, Its only $ 1/day. . Here is the link http://www.usalegalcare.com/accident.htm And for mortgage help Try http://www.topamericanmortgage.com
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Readers ask questions, and our real estate expert answers. This week, Stephanie from the Northwest Side asks whether she should save for a down payment or opt for alternate loans and pay private mortgage interest.
http://leafgardenpress.com/ Deal Estate Questions: Dennis Rodkin Discusses Saving for a Home Versus Alternate Loans and PMI
WASHINGTON (MarketWatch)�?"Question: I am one of the unfortunate homeowners who drowned in the subprime lending crisis. I bought my home in July 2005 and lost it to foreclosure in February 2009. The loan was an 80-20 interest-only mortgage, with the ... When your mortgage servicer changes
An 80 20 mortgage loan is also referred to as a zero or no money down loan later. There is actually two loans, mortgage home regular home accounts for 80% of the price of the house and a second mortgage or loan capital consisting of 20% of the cost. The idea behind this type of loan is to avoid mortgage insurance (PMI) since the net worth of mortgage payment.
- No cost refinanceAlmost all mortgages require a form of mortgage insurance, if you are unable to doA deposit of at least 20 percent. By acquiring a second mortgage or home equity loan for 20 percent of the costs you can get around this requirement, the second property loans as a deposit.
There are variations on this type of loan, a loan 80-15-5.
This means that the borrower was a big mortgage to 80 percent of the purchase price of the house, a mortgage on his back 15 percent, and made a 5 percent down payment. This can be a good option if you have somethingThe money for a down payment, but not enough to cover the entire 20%. - No cost refinanceThe second mortgage may be a second or a fixed mortgage may be a line of credit. If there is a fixed second mortgage so the interest rate is usually fixed for the duration of the loan. Most mortgages are fixed rate second half from 30 to 15 that the second mortgage is amortized over 30 years, but is payable in 15 years.
The advantage of going with the credit line as a second mortgage is that interestis usually much lower than the second mortgage interest rate fixed. You can also use an interest only loan can save you hundreds of dollars in mortgage payments every month.The 80 percent first mortgage can be a fixed interest rate (15 years or 30 years), with variable interest rate (typically 1.5, 1.7 or 10/1fixed period ARM) or interest-free loan only. Normally, the interest rate for mortgage loans second highest rate for the first loan. But because the borrower has to payMortgage insurance that cost less than a traditional mortgage, the mortgage interest rate higher for the second loan.
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