Sentences with phrase «second lender»

Just because the first lender does not approve does not mean that the second lender won't — all lenders have their own requirements for approval.

One alternative is to refinance with another lender by paying off the first lenders, terminating the original lien, and getting a larger secured loan from the second lender.

A second lender may quote you 5.25 % with $ 2246 in fees, while another lender is offering 5.00 % with $ 4130 in fees.

Then a second lender funds the remaining 10 % using a Home Equity Line of Credit (HELOC).

I am in the middle of one where the second lender has dug their heels in and just in a quagmire... no one is budging and it is likely that the seller will wind up in foreclosure.

Even with a registered mortgage, it is not always possible to recoups especially for the second lender who must wait for the initial creditor to make their claim on a property in default.

The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.

Then the second lender would have to try to get you to pay its loss.

For example, if you have two mortgages on your house, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security.

The lender providing the buyer with the new mortgage typically provides the bridge loan but if that isn't an option your mortgage broker can source bridge financing through a second lender.

The second lender will get nothing because the first mortgage is first in line to get paid.

Of that $ 450,000, the primary mortgage holder would get its $ 400,000 back and the second lender would only get $ 50,000 back, or half of the piggyback loan amount.

So your upfront, out - of - pocket costs will be $ 3,000 higher with the second lender.

The second lender is the mezzanine investor, who may put up the next 45 % of the money.

A second lender may quote you just $ 000 in fees, while another lender is offering an amazing rate.

The second lender we used did not have any cash - reserve requirements.

But the first lender uses a 2 % margin, and the second lender uses a 3 % margin.

However, the second lender has a lot of bargaining power, because they can stop the whole process by refusing to approve the short sale.

In this case, SLS issued their short sale approval letter allowing only $ 1,345 of the sales proceeds to go to the second lender, Bank of America.

I figured I should wait until I'm told that the 2nd lien is cleared by the second lender.

Dealing with a Second Lender Just like a homeowner may deal with more than one lender (there's the primary lender that holds a first mortgage on the home, and an additional lender that provides a home - loan equity loan and takes a second mortgage in return), something similar can happen with a business loan.

The appraiser who is tasked to perform the first appraisal is on the exclusionary list of appraisers of the second lender, which makes the transaction impossible to push through.

The first lender was not able to provide an appraisal copy to the second lender.

*** One way to improve your odds for financing is to get more than one pre-approval so that you are ready to talk to a second lender if your first application fails.

With a second mortgage, the second lender is second in line to get paid if a lien is ever put on the home.

When I spoke to the second lender, it was apparent that this was his thing.

The second lender is demanding we close by April 26 or somebody has to pay an additional $ 20,000,» he says.

For example, second lenders can no longer try to force a seller to commit short sale mortgage fraud by demanding payments outside of escrow or holding the seller's first - born as collateral.

Sellers that are doing a HAFA short sale program requires the second lender to take a maximum of $ 8,500.00 on their second mortgage.

I am in the middle of one where the second lender has dug their heels in and just in a quagmire... no one is budging and it is likely that the seller will wind up in foreclosure.

The second lender, who I later learned does USDA loans all the time, had no problem at all.

The second lender will always be in the second position unless the first is willing to subordinate.

In that instance, if the second lender is wiped out during a foreclosure under a trustee's sale, that second lender may have the right to pursue a deficiency judgment.

If your second lender does not agree then you can not do a HAFA program.

When the second lender receives a notice that states the first has foreclosed, after checking the value of the home, many second lenders do not initiate their own foreclosure proceedings.

They take this stance because there might not be enough equity to make the cost of foreclosure profitable for the second lender.

If the second lender does not do this, the second lender could get wiped out in the foreclosure and receive nothing, especially if there is not enough money to go around.

The second lender must agree to release the loan.

HAFA will only allow a maximum of $ 6000 to your second lender.

In most parts of the country, this means the second lender must make up the back payments to the first lender, pay the first lender's cost to file the Notice of Default and associated expenses, and then file its own Notice of Default.

Generally, the first negotiation is to offer the second lender a small amount, say $ 1,000.

If the net is $ 81,000, after closing costs, that would leave $ 4,500 that the first lender could offer to the second lender.

This means when a Notice of Default is filed, if the second lender wants to be first in line to receive proceeds from the auction or sale or to take the property, the second lender must initiate its own foreclosure proceedings.