Forcloser
i need a answer my mom has a home in florida and wants to get a second morgage on it she has had it for 1 year and has been late on some payments can she get a second mogage if they are threatnig a forcloser she is lost and cant get any answers im trying to help she wants to keep it any sugestions?
It will truly depend on her equity, home value, her income, and her credit just to name a few. She will however most likely pay some high interest and cost associated with the loan.
[addsig]
Is it possible? Yes. But it isn't likely that your Mom will be able to get a second mortgage loan if the first is in default.
Her best bet is to attempt a home retention workout with the first mortgagee... if her financial condition has experienced a setback... perhaps the lender will agree to suspend or agree to accept reduced payments for awhile...
how does the home retention work?
who currently holds the loan? Maybe some here has had experience dealing with them. It may be possible to get a second but will be hard to get and very costly. It will really depend on if she is current on her all her other debts. If her area was effected by the hurricanes that may help her.
I believe a home retention plan is when you contact the lender and explain your situation to them. You both discuss what you can and will be able to pay and for how long before you can resume the previous/original payment schedule. In some cases, the lender can agree to suspend the requirement of payments for a short period and add that amount to the balance owed and then resume regular payments for a longer time period to pay the skipped payments.
In some cases, it's beneficial to the lender to work out such an agreement to avoid foreclosure.
You can't default on the new agreement though, or else the lender will be unlikely to give a second break and would probably go all the way through with foreclosure.