Silent Second Mortgage


What happens with ‘silent second mortgage’ Typically, your "owner’s policy of title insurance" would kick in and pay that sum off in this situation, whereupon the title company would then pursue.

silent second mortgage. Definition. A scheme where a buyer of real estate takes a second mortgage on the property without the knowledge of the first mortgage lender. The second mortgage is then used as a down payment to the first mortgage which increases the first mortgagor’s risk. Print Cite / Link.

For one, there are two types-and two very different reasons that each is "silent." When silent second mortgages are illegal. OK, now a warning. In some cases, the term "silent second mortgage" is used to describe a fraudulent practice you should avoid at all costs, one that might seem on the up-and-up.

A combined 35% of baby boomers (ages 55-73), Gen X (ages 39-54), and the silent generation (74+) failed to obtain. (36%), auto loans (18%), and housing (13% for rent and 13% for mortgages).

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It is a second mortgage your primary lender is not aware of. The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80% of the house value rests assured that in case of depreciation there will be equity of 20%,

As far as the first mortgage lender knows, the down payment is $20,000, but in fact, it is only $5,000. The silent second increases risk to the first mortgage lender because it takes only a 2.5% decline in home value to eliminate the borrower’s equity – rather than the 10% decline that the lender counted on.

New ‘silent second’ could be your best shot at homeownership Share this:. housing finance agency from Utah is providing second-mortgage loans to cover the 3.5 percent down payment on a.

How to Pay Off your Mortgage in 5 Years We offer mortgage loans for purchases and refinances.. "Silent" Second Mortgage: Assistance through the program is in the form of a 0% interest rate second.

Successful lottery applicants must secure a 30-year fixed-rate mortgage through a participating. house is converted into.

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