Posted on: 21st Jan, 2011 07:09 pm
Currently my husband and I are not eligible for another modification b/c we're in default of one. We're behind about 10k. Do u think someone would give us a 2nd mortgage to pay deliquent amount or are their other solutions to stay in home?
Hi dd,
As you have defaulted on your mortgage, none of the lenders will be ready to give you another loan. Moreover, in order to get a second loan, you should have equity in your property. As you're already delinquent on your mortgage payments, I don't think you have equity in your credit.
Thanks
As you have defaulted on your mortgage, none of the lenders will be ready to give you another loan. Moreover, in order to get a second loan, you should have equity in your property. As you're already delinquent on your mortgage payments, I don't think you have equity in your credit.
Thanks
In order to qualify for a 2nd mortgage, you have to settle first all your previous mortgage. You can ask advise from home loan experts so you'll know what's the best thing to do.
dd, it's time to consider what your options are other than keeping your home.
Not staying current on your mortgage is enough for other lenders not to grant you new credit.
I assume you did a loan modification to reduce your payment, which you were unable to make. Assuming you could take out a second, how would you manage payments on both?
It's probably time, to consult with a local Realtor, and start the short sale process.
Good luck!
Not staying current on your mortgage is enough for other lenders not to grant you new credit.
I assume you did a loan modification to reduce your payment, which you were unable to make. Assuming you could take out a second, how would you manage payments on both?
It's probably time, to consult with a local Realtor, and start the short sale process.
Good luck!