What Is A Silent Second Mortgage

Refinance Cash Out Texas Negative Amortization Loan What Does Reamortize a Mortgage Loan Mean? | Sapling.com – Adjustable Rate Mortgages (arms) adjustable rate mortgages, or ARMs, are one of the most common situations in which a mortgage is reamortized. When your lender resets your mortgage’s interest rate, it reamortizes or recalculates your monthly payment based on the new interest rate, your mortgage balance and the number of months left in your mortgage.Tip: Most mortgage lenders will let a borrower take out incidental cash-out of the lesser of 2% of the loan amount or $2,000 – $5,000, and still consider it a rate and term refinance. Anything beyond that would probably be considered a cash-out refinance, which is the other popular type of mortgage refinance.

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. It usually eats up most of the remaining equity in the property, leaving both the lender and the borrower at significant risk.

The loan is in second position behind primary financing from a mortgage lender and is typically known as a "silent second" because of. This second mortgage IS NOT PAYABLE so long as the borrower meets the occupancy requirements of the program, listed at a minimum 36 months. This is known as a "silent" second mortgage.

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Silent Second Mortgages – The Mortgage Professor – April 16, 2007, Revised May 23, 2007 The term "silent second" is used most frequently to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction, without the full knowledge of the first mortgage lender.

– Blown Mortgage – Now, it being "silent" has far a different meaning that the first kind of silent second mortgage. legal silent second mortgages are designed to help deserving homebuyers afford a home. Moreover, the primary lender is made aware of this down payment assistance.

"Basically how these work typically is they give you a mortgage for 80 percent, then finance the remaining 20 percent with a second mortgage. New report stresses the need to protect against the.

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Silent Second Mortgages April 16, 2007, Revised May 23, 2007 The term "silent second" is used most frequently to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction, without the full knowledge of the first mortgage lender.

To protect our investment and to protect our homeowners from predatory lending, Habitat adds a “silent” second mortgage to the home which lasts for the.

Phil Treadwell and Dustin Brohm, who wear a multiple hats working in mortgage and real estate and as podcasters (The Mortgage Marketing Expert Podcast and The Massive Agent podcast respectively), made.

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