Second Mortgage Shop

No home to use for equity, denied for personal loans and additional credit cards everywhere, cannot work at this time due to illness, debt relief companies do not deal with payday loans, help?

you might try lendingclub.com

How does home equity loan qualification works? My house is worth around $300,000 – $340,000 and my mortgage balance on it is around $140,000 with payments at roughly $2200.
What if I want to qualify for home equity loan or home equity line of credit say for 100.000 grand. How does the whole qualification thing works? What do lenders look at, how they decide?
Would appreciate any help. Helpful links are good too if you know any resources!
Thanks!

First, you will need to get a new appraisal on your house. If your house does appraise in the $300K range, then on that basis, you will qualify for the $100K home equity. Next, the bank will look at your income, employment, etc., just like a regular mortgage. If you are approved, you will go through the same type of closing you went through when you took out your original mortgage. There is really nothing different between a home equity and a first mortgage when it comes to qualifying/applying. The only real difference is on the side of the lender who has to file a secondary lien against the house rather than a primary lien (meaning the home equity lender gets paid second if you default).

Hello,
I have a question about a 2nd mortgage foreclosing in the state of Florida. This is a new mortgage, with only a couple payments being made by the buyers. They are behind on 1st and 2nd mortgage by more than 2 months. I live several states away and everything was done through a Florida attorney by fax and phone calls and never met the attorney face to face and now I am finding out a lot of things were “hidden” from me by the attorney including a bad credit history by the buyer that was never disclosed. Is there anything that can be done?

The 1st mortgage holder called me and told me he was going to foreclose on the 1st mortgage and I would lose everything which includes the property that I sold and the mortgage that I hold.
The property is worth about 7000.00 more than the 2 mortgages combined would come out to.

I would like to know how can I fight this. 1st mortgage holder stated that I could buy his 1st mortgage out in full and pay his attorney fees.
What is legal and how can I get what I am owed? I do not want the property back but would like to have at least some of my money that the debtors owe to me from the mortgage.
This is the 1st and last time that I will ever hold a 2nd mortgage. Never knew the risks involved, nothing was disclosed to me when I sold it and took on the 2nd mortgage.
Thank you for your answers in advance.

I agree with the above post you need to go back to the lawyer who handled your sale; but in general obtain a lawyer, it seems by your post your where not properly explained the potential liabilities of holding a second note

That said, if the senior note i.e. the first lender is seeking to foreclose on the property, your options to protect your interest in the property is limited to buying the first note basically, since you are second in line so to speak

I have qualified for a bill consolidation loan which will give me a second mortgage plus cash out and pay off my credit cards making one payment and I could really use the cash to start a business.

no man.
never roll unsecured debt(c.c.)in with secured debt like your home.
ask suze orman.

I apply online and I am offered something called: Rate 5.875% and APR (Annual Percentage Rate) 7.034% which one is "the one" or how they work. How can I calculate my monthly payment, taking into account the first one or the second one? Thank you for your help.

Be careful here - it is a requirement to give you both of these rates for the following reasons:

The rate is the real rate of your loan. While it look wonderful, the APR rate is the effective interest rate for the first year based upon the additional pre-paid points you are paying.

Closing costs include some lender fees and other items. The lender fees are free pre-paid interest to the lender. They are tacked onto the closing and that is why the APR is so high for the first year.

If this is what you truly want, then what you are actually doing is called "buying" down your rate. In other words, you are paying pre-paid up front additional fees to get a lower interest rate over the course of the whole loan.

Make sure you check out both rates when you shop for mortgages and get the one that gives the best of both.

PS — Your monthly payment will be based upon the 5.875 interest rate + any escrow if you let them do escrow + any PMI if you have that as well.

Good luck.