Consolidating first second mortgages
In the terms of foreclosure, a second lien holder can start the foreclose process when a homeowner stops making payments.The second lien holder has to satisfy the 1st mortgage balance before they could collect on the 2nd mortgage balance.Home equity is the appraised value of your home minus the amount you still owe on your loan.
Delgado, Linguistics “Chamorro Loanword Morphology” Mentor: Sandra Chung, Professor of Linguistics Jennifer J.
A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage.
The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.
A 2nd mortgage can be structured as a fixed amount to be paid off in a specific time, called home equity term.
They can also be structured like a credit card giving the borrower the option to make a payment less than the interest charged each month.