2006-12-03 22:23:29 · 4 answers · asked by zak h 1 in Business & Finance ➔ Credit
A second mortgage is when you borrow money against the equity on your home.
2006-12-06 14:58:05 · answer #1 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
A second mortgage, often times in the form of a home equity line of credit, is a credit line against your home by which you can borrow against. Let's say you leave the country and all of your debts behind. Your house is sold and the first lien holder is paid (1st mortgage). Anything left over is used to settle the second mortgage. It usually comes with a higher rate because of the higher risk involved.
2006-12-04 01:26:22 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
A second mortgage takes second place on line on the title to your property. In the case of foreclosure the 1st mortgage is paid first and the 2nd mortgage is paid after the first is completely paid. As a result, 2nd mortgages are harder to qualify for....they have higher risk.
Here is some additional info. Hope this helps.
2006-12-04 04:19:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the only person who can take a loan on the homestead right now could be your dad. If uncle would not pay, your dad and mom would be on the hook for the loan, because of the fact it's going to be in thier/his call. whether, if the linked fee of the home is to be divided between the siblings faster or later, and your dad is appearing in simple terms because of the fact the "development superintendant", then your uncle has each right to ask for his "proportion" now, to purchase his very own homestead. yet with a bit of luck he will see that this would possibly not artwork for all of us...
2016-12-13 19:34:59 · answer #4 · answered by vanriper 4 · 0⤊ 0⤋