Welcome to Second Mortgage NOW. This site provides tips and techniques and hold your hand into getting your home second mortgage. To start, do you actually need a home second mortgage?
Well home second mortgages enables you to make extra money, if you are positive that the property can be sold at full price or close, if foreclosed.
Example: If you have found a house worth $300,000 and found that it has a first lien with total balance of $190,000 and a second mortgage of $50,000 you could approach the second lien holder and buy the second mortgage for $8,000. Well its is no guarantee the house will be sold for enough cash to justify the home second mortgage after satisfying the first, the second lien holder may be happy to take the money.
Now, if you foreclose, and at the foreclosure auction the highest bid is $270,000.
You will have to pay the first lien that is $190,000 in addition to $12,000 in late payments and interest.
You now paid $202,000 to the first mortgage lender, $8,000 to the second and you have to pay property taxes of about $6,000.
In other words you got a house for $216,000 and sold it for $270,000. Now you extremely happy since the home second mortgage got you a profit of $54,000.
Now take a week vacation!
Check back and ill walk you through step - by - step! Feel free to post questions!
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