When money is tight, it's better to pay a portion of your First Mortgage or all of your second mortgage?
My wife recently lost his job and our finances are too small to pay all the Mortgages in the first and second in our house. SI's smarter to pay a portion of the first mortgage, or all second mortgage? The first mortgage is with Indy Mac second with CIT. Does anyone have any luck changing the loan with them? Since I'm only a month late with Indy Mac, they will not work not with me. Thank you.
Open "part" of your payment is not appreciated by the lenders unless the first call and develop a payment plan. Otherwise, the total amount you send will be credited with interest and not repaying the loan. You want the loan to disappear. Apx 4 out of 100 people applying for a loan modification can not get any help. Most changes are to give 6 months no payments at all. This money is added "end" of your loan, so it is not a gift. In some cases, the most appropriate is to ask if they accept a note today. And you move in a small apartment or family. To avoid a foreclosure on your record ..
New Second Mortgage Modifications
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The Philadelphia plan of home financing;: A study of the second mortgage lending of Philadelphia building and loan associations (Studies in land economics. … monograph, no. 2, R. T. Ely, editor) … |
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Lex Vadiorum. The law of mortgages … The second edition, with the addition of modern cases, etc … |
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Second mortgage survey, 1981 (Working paper / Credit Research Center, Krannert Graduate School of Management, Purdue University) … |
