3
I have 80/20 Arm Mortgage Am i responsible for 1st mortgage if am only on 2nd Mortgage.?
bought a house. with 80/20 loan. spouse is on the first but am on the second loan. we are unable to make payments. can the lender come after me for the first loan even if am not on it?. am i responsible for the first loan?
We did an 80-20 loan we are the 2nd mortgage, Basically we borrowed the equity in our home to the purchaser. We also bought a new home. I do our taxes myself and I am lost. Because we didn’t really gain all of that money she has 5 years to repay the 20% and is currently only paying an intrest only loan. which she really isn’t paying that either. I am so lost I just don’t know how to fill out our federal tax forms… SOMEONE PLEASE HELP!!!!!!!!
Related Posts
My single Home loan is split into 2 parts 1st Mortgage(5.5 % Fixed) i.e 300k and 2nd Mortgage 30k (6.65% variable ).On my 2nd Mortgage , I will be paying ...
READ MORE
The recruiter told me $ 35-40 k a year. Outbound calls. Any comments? Is this fishy?
READ MOREHow do loan officers? They are the reason for the mortgage crisis?
Until I read about the mortgage crisis and a large number of foreclosures related. I read the sub-prime mortgages ...
READ MORE
person responsible for paying the mortgage is not paying on time, he dosnt want to put the mortgage on his name nor he wants to sell the house. ,what are ...
READ MORE
I have been told that I can't by HSBC..... my credit rating isn't great because I am only earning national minimum wage.
READ MOREI owe what I want to consolidate to buy a house because I have a home at prices lower than the estimated value. As already share that the mortgage lender ...
READ MORE
I have been offered a position with a company as a Mortgage Loan Officer. The training is not paid - the commission is 25 percent and there is Marketing dept ...
READ MORE
i need to release some equity from a house which i own but is in my mothers name. there is currently no mortgage on the property but my mother is ...
READ MORE
what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse?
READ MORE
I owe $ 198000 on first mortgage and $ 48000 on second. My home is only worth $ 188000 now. If I strategically default and ...
READ MORERefinance a Home Equity(2nd Mortgage) only?
Thinking of taking a mortgage loan originator job
Loan officers are responsible for the mortgage crisis?
I have a mortgage on my name but
UK only. Are you allow to use ISA
Finding a home that shares a lender who
What do you all think about a commission
releasing some equity, obtaining a mortgage (uk only)?
If someone has 80/20 mortgage loan, the home
Can 20% mortgage of 80/20 loan sue for
I believe you are responsible for both loans since you are married. You may want to contact your lender about revising your loans. If you have in the past been making prompt payments and are just having some temporary problems, you may be able to work out an alternative payment plan. Most people wait to hear from the lender but sometimes you have better luck working things out if you contact them first.
Was this answer helpful?
LikeDislikeno but if you foreclose the first lien holder gets the house and resells it and if there isn’t enough to cover the loans for both then the second will come after you so you are screwed in any way. Try to sell before this happens or ask for a loan modification from these lenders
Was this answer helpful?
LikeDislikeYou have confused the matter. If I understand correctly, YOU sold a home and took back a second mortgage on the home equal to 20% of the value of the property. This 2nd mortgage is interest only, for 5 years. If this is correct, you report the interest, payments as income. The principal is not recorded as anything, until paid.
The tax laws require you to either pay the principal paid on the loan to your current home mortgage or pay tax on long term capital gain.
If the buyers of the property does not keep the 2nd mortgage current, make sure that you keep in touch with the holder of the first mortgage. You have one of the problems that I just love having.
Was this answer helpful?
LikeDislike