Silent Second Mortgage
Upside Down Loans Refinancing Millions of Americans are upside down and their mortgage loans right now. This is the direct result of our housing crisis and economic recession. By the year 2011, nearly half of all homeowners could be in this situation. When you have negative equity (i.e., you are upside down and alone), it can be nearly impossible to refinance your mortgage.
There's a type of mortgage out there so hush-hush that most people haven't even heard of it: the silent second mortgage. So what is it, anyway,
but it’s silent about future deductions, including for 2018. To qualify for the benefit, borrowers must pass a couple of tests: The home securing the insured mortgage must have been their principal.
Now Alt-A is dominated by so-called affordability mortgages – adjustable-rate interest-only loans, 40-year loans and silent- second loans. You, dear risk- taking homeowner, know all about these loans.
but it’s silent about future deductions, including for 2018. To qualify for the benefit, borrowers must pass a couple of tests: The home securing the insured mortgage must have been their principal.
LendEDU looked to answer these questions by surveying 1,000 adult Americans about what their monthly take-home pay is and how those dollars are spent on things like mortgage or insurance. living.
In most cases, silent second mortgages are used when the buyer is having difficulty coming up with the down payment required by the mortgage lender. Sometimes silent second’s are done because the underwriter doesn’t like the debt ratio, so a silent 2nd mortgage overcomes the qualifying obstacle by lowering the loan amount.
As far as the first mortgage lender knows, the down payment is $20,000, but in fact, it is only $5,000. The silent second increases risk to the first mortgage lender because it takes only a 2.5% decline in home value to eliminate the borrower’s equity – rather than the 10% decline that the lender counted on.
A “silent second” is a second mortgage — a loan you take out in addition to your first mortgage. The “silent” part means that you don't have to make monthly.
All three have chosen to structure the silent second in the following manner: 0% interest rate; no monthly payments; three-year term forgiven monthly at a rate of 1/36 over the term of the lien; the second mortgage is 100% forgiven after three years.
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Look south, though, and it’s a silent block of shuttered stores. and two weeks later the Canadian lender on $23.5 million in mortgages on the Elm and Lincoln parcels filed a foreclosure suit.