Sentences with phrase «second lien allows»
Not exact matches
The piggy - back allows buyers to take a conventional first mortgage with favorable terms, while concurrently giving them a second lien that provides them with cash ready for use.
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Bankruptcy is another alternative, as judges are allowed to include second mortgage liens in bankruptcies now.
Chapter 13 may also allow you to get rid of your second mortgage once and for all through a process known as «lien strip.»
Chapter 13 lien strip is only allowed in the following situation: Your second mortgage is unsecured.
FHA allows cash out refinancing with scores as low as 500, so if you may want to consider this type of loan if you were denied for a second mortgage lien recently.
The piggy - back allows buyers to take a conventional first mortgage with favorable terms, while concurrently giving them a second lien that provides them cash ready for use.
In addition, most lenders won't refinance a home if the total liens (first and second mortgages) exceed the value of the home — this program allows that.
NO, you can not combine a 1st and 2nd mortgage together in a HARP refinance, but they will allow you to subordinate your current second lien and refinance your underwater 1st mortgage.