Are 3rd mortgages really something that exists? how do I get one?

Question

Are 3rd mortgages only provided by hardmoney lenders? What is the easiest way to apply and how do I find a lender that handles 3rds?

Answer 1

go to zillow.com

Answer 2

They do exist, but are harder to find. You need to understand that on a 3rd mortgage, this lender is behind 2 other lenders. They are taking quite the risk if you default, because, if the property is sold at a loss, they will only get paid if there is anything left after #1 and #2 get theirs.

My question to you is why would you want to do this to yourself? It would probably be so much easier (and less expensive) to just refinance your house. However, if you are doing this to get out from under some other debts and have this much equity in your home, maybe you would be better off to sell and use the money to pay off your debts and make a fresh start in a home you can actually afford (because while you might be able to make your payment, if it is causing you to drown in debt, you are in over your head).

Answer 3

They don't seem to do the 2nd and 3rd mortgages as much anymore. They prefer you to consolidate the 2 you have then you have one payment to one company instead of 3 to 3 different companies. It makes better sense to consolidate you should be able to get a lower interest rate too, Bank of America is a good bank to talk to they are very nice.

Answer 4

I'm sure everything is available for a price, and the price will be high. However, if you think you need a 3rd mortgage to solve your financial problems, perhaps what you really need is credit counseling. Please try going that route, to see if you can get your money and spending under control.

Answer 5

It's going to cost you. Why not an Equity loan? Talk with a banker.

Answer 6

sure you can .The interest rates will be in the higher fives and lower sixes .write to me at [e-mail] and i will provide you the detailed information.

regards,
kish