2nd Mortgages - Finding the Lowest Current Rates on 2nd Mortgage Loans

2nd Mortgages - Finding the Lowest Current Rates on 2nd Mortgage Loans
By Kevin Benner

As we should all know by now, not all 2nd mortgages are created equally. Homeowners often find themselves submitting the same information to several different mortgage lenders only to end up with cost, rates and fees that are all across the board.

This is because lenders often times have different underwriting guidelines, fees and terms with which they use to determine a consumers mortgage pricing. While one lender may specialize with borrowers who have an excellent credit score, others may deal primarily with those consumers with a less than perfect credit history.

By comparing multiple 2nd mortgage rate quotes from different lenders you can see what broker can provide you the best rate at the lowest cost with the most favorable terms.

This will allow you to make a much more educated decision as to what loan option best fit your current financial situation. You must remember though that the lowest interest rate does not always lead to the best deal on a second mortgage.

For example, an introductory rate on an adjustable loan may seem very low but it often can lead to much higher rates and payments later in the life of the loan. Other loans may have fees hidden in them which would make it expensive to refinance out of later. This may hurt your ability to lock in a lower rate should refinance rates go lower.

Get Free Quotes for 2nd Mortgages Right Now

Finding low rate quotes for the 2nd mortgage you desire may take some time and research. Yes, it may seem time consuming but not taking the time to investigate your mortgage options could end up costing you in the end.

The internet is a perfect tool that can be utilized to find the right lender eager to earn your business. Completing a simple form on any one of the many quality mortgage resource sites online can provide you with rates from multiple brokers for your second mortgage. This will allow you to make an education decision on which option will work best for you.

Using the internet to compare quotes from multiple lenders will not only save you time but will help you maximize your chance of saving money. Do not waste any more time in finding the best home loan now. Use the power of the internet to find a low rate 2nd mortgage today.

Article Source: http://EzineArticles.com/?expert=Kevin_Benner

2nd Mortgages - Finding the Lowest Current Rates on 2nd Mortgage Loans

Modifying Second Mortgage Liens in Chapter 13 Bankruptcy

Modifying Second Mortgage Liens in Chapter 13 Bankruptcy
By Richard Feinsilver

If you are one of the many homeowners who purchased your primary residence with 80/20 mortgages, or if you took out a second mortgage in the past few years, did you know that you may be able to remove the second mortgage lien from your home in a Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy offers an important, and often unknown and over-looked, option to consumers who have second and/or, perhaps third, residential real estate mortgage liens on their primary residences - namely, that of removing those junior liens from your home.

If the current fair market value of your home (as determined by an appraisal prepared by a licensed real estate appraiser) is below the present outstanding balance on your first mortgage (including arrears, if applicable), the second mortgage lien can be "stripped", and the debt associated with it can be reclassified as a unsecured debt (such as credit card debt, etc). This is also referred to as a "Cramdown" or "Lien Stripping."

The stripping/cramdown provisions in the Bankruptcy Code affecting second mortgage liens have been available to homeowners in Chapter 13 bankruptcy since 1994. This should not be confused with the bill proposed in early 2009 in Congress which sought to allow Bankruptcy Judges to modify mortgage liens (which was not passed).

That bill sought to expand the provisions that have been applicable to second mortgages to first mortgages. Even if you have already modified your first mortgage directly with your lender, or are in a trial modification on your first mortgage, this relief may be available to you.

While foreclosure remains the primary reason to file a Chapter 13 bankruptcy petition, individuals who may not be homeowners, or homeowners who are current on their mortgage obligations, but have incomes above the median income for their state and may not be eligible to file a petition for Chapter 7 bankruptcy can file a petition for Chapter 13 bankruptcy to effectively deal with their debts.

Chapter 13 bankruptcy is designed for working people with steady incomes who want to pay their debts but are currently overwhelmed with bills, judgments, lawsuits, and other financial issues. Even if you do not own a home, the filing of a Chapter 13 bankruptcy petition can assist you to regain control of your financial situation.

A Chapter 13 bankruptcy repayment plan allows an individual to repay mortgage arrears and some, or all, other their other debts (such as credit cards, medical bills, etc.), over a three to five year period. While a Chapter 13 plan is in effect, creditors cannot either start or continue their collection efforts, and they must accept what the plan pays them.

Any individual, or married couple, even if self-employed, can receive Chapter 13 bankruptcy relief if they owe less than $1,010,000.00 in secured debt (i.e. mortgages, car loans, equity loans), and less than $310,000.00 in unsecured debt.

In most Chapter 13 Bankruptcy cases, only a small portion of this type of debt is paid over a 3 to 5 year period. Immediately upon the successful completion of your Chapter 13 payment plan, the second (junior) mortgage lien shall be permanently removed from your property by Order of the Bankruptcy Court. Please be aware, though, that in order to qualify for this benefit, you must meet the usual and customary qualifications for Chapter 13 bankruptcy.

Article Source: http://EzineArticles.com/?expert=Richard_Feinsilver

Modifying Second Mortgage Liens in Chapter 13 Bankruptcy

Commercial Second Mortgage Rates

Commercial Second Mortgage Rates
By Ricky Lim

A commercial mortgage is what can be described as the use of real estate as collateral for a mortgage to secure payment. The difference between a commercial mortgage and a residential mortgage is only the type of land used.

The rates may slightly differ but they are generally the same. A commercial mortgage is also taken by a business entity rather than an individual borrower.

In this case you will find that the assessment of such collateral will be quite tricky. This has led to trickier commercial second mortgages. This type of mortgage is normally used in conjunction with a first loan that is new.

People who take commercial second mortgages should be sure to take such steps when there is no other plausible alternative. You will find that the two mortgages can be a problem to service and this might result in the loss of the property that was securing the mortgage.

At the same time, there are very many advantages that can come as a result of taking up this option.

The first advantage that one can get from getting this type of loan is what is known as a reduced LTV (Loan to Value) of the previous loan. This will mean that you will be able to easily qualify for the second loan.

A good example is when the first mortgage holder will give you a loan of 70% of the LTV. This will mean that you will only have a 20% down payment. In retrospect, this means that a second mortgage can be sued to make the difference.

This is what entails the basic process of any of the commercial second mortgages. Since the property is commercial, the idea is to let the property gain value.

Commercial property will appreciate in value at a stead and rapid pace. This appreciation will be faster than the interest rates that the mortgage company has given you.

This means that you can be able to get time to clear the first mortgage at a comfortable pace when you take the second mortgage.

This is why most of the financial advisors will tell business people to take commercial second mortgages so as to reduce the strain of paying the first mortgage.

This is the reason also the reason why the business that had a second commercial mortgage did not suffer when the global financial crisis and the recession hit the international economies.

Article Source: http://EzineArticles.com/?expert=Ricky_Lim

Commercial Second Mortgage Rates