Better alternatives: Take out a second mortgage on your U.S. home or sell it.
Many are paying down their 18% credit card debits with second mortgage liquidity, a smart move.
And it will help folks who've taken out a second mortgage modify their loans.
WHITEHOUSE: President Obama Addresses Business and Tourism Leaders
Like many of the tsunami survivors, Iwasaki needed to take out a second mortgage on the hotel.
CNN: Witness to disaster: Six months on from Japan's tsunami
He didn't take a salary for two years, relying on savings, a second mortgage and his wife's income.
Seven years ago, Steve and Mary Grech took out a second mortgage so they could start Francis Kennels.
Shortly before his death Mr. Haggerty had cashed in some retirement accounts and paid off a second mortgage.
Tax receipts in Glendale are already pledged to other bond issues, so in some sense this is a second mortgage.
The holder of the second mortgage has to agree to get in line after the first (which they already do).
FORBES: Refinance Your Mortgage (Even If You Have No Equity)
The Greches took out a second mortgage on their home in 2001 with hopes of starting a company where their employees could grow with them.
If you are set on getting a vacation home but don't have the capital for an all-cash purchase, do not take a second mortgage on your home.
He formed Light Bioscience in March 2000, subsidizing his research and patent filings with a second mortgage on his house and a loan against his life insurance policy.
The IRS has closed the loophole where a person could use a second mortgage to purchase a separate investment property while still deducting his or her mortgage from taxes.
Now, in the last phase of the cash-raising panic, the university is borrowing money, much like a homeowner who takes out a second mortgage in order to pay off credit card bills.
Income, asset and credit documentation requirements are rigorous, having a second mortgage or a Home Equity Line of Credit, condo or co-op ownership or unrealistic value expectations can add unforeseen land mines to the refinancing process.
Industry backchannel conspiracies aside, however, it's only to our advantage to have a choice -- if you're looking to upgrade your digital SLR without taking out a second mortgage, you can now pick Nikon's model, or the EOS 6D from Canon.
ENGADGET: Canon EOS 6D full-frame DSLR hands-on (video) Hands-on
Layering of risk means the borrowers courted by these lenders had multiple characteristics that would put them at high risk for default, including no down payment, no documentation of income or assets, low credit scores and second mortgage in lieu of a down payment.
So this fund is going to help out-of-work homeowners avoid preventable foreclosures, and it will help homeowners who owe more than their homes are worth find a way to pay their mortgages that works for both the borrowers and the lenders alike, and will help folks who've taken out a second mortgage modify their loans.
For example, the government, as a condition of bearing part or all of the cost of reducing the principal on a given loan, might have insisted on receiving some share of the future appreciation in the value of the property in question, perhaps by issuing a second mortgage that had to be paid off upon a sale.
Santander, the country's second biggest mortgage provider, says 30, 000 of its customers may be due compensation, after errors made in 2008.
Repeal the mortgage deduction for second homes and cap mortgage interest deductions for homes valuations at over 1 million dollars.
We have one of those famous 80-20 arm loans, the second 20 percent mortgage covered our down payment.
They can now borrow over 15 or 20 years, deducting the interest if the loan is a second-home mortgage.
First, there are the higher prices themselves, and second, higher mortgage rates.
Wells Fargo, the country's second-biggest mortgage lender, briefly lifted the gloom hanging over bank stocks on July 16th after it announced better-than-expected second-quarter results.
Nici Audhlam-Gardiner, head of mortgages at Abbey, Britain's second-largest mortgage lender, says that brokers who previously steered business to now-defunct or struggling players are now turning her way.
ECONOMIST: Lenders in America and Britain retrench, but for how long?
Countrywide, the second-biggest mortgage bank, is even treading on WaMu's toes: as part of its plan to triple its sales force by 2008, it plans to open perhaps a dozen new offices in Washington state.
It raised the minimum down payment for people buying second homes and capped mortgage payments for people buying government-built housing at 30% of monthly income.
WSJ: Singapore Fee Stings Wealthy House Buyers��Except Americans
Meanwhile, the U.S. treasury secretary, along with five banks and Countrywide Financial, unveiled a second, slightly broader mortgage rescue plan Tuesday, this one extending to even prime borrowers who have fallen behind on their payments.
应用推荐