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Many first time home mortgage loans borrowers are happy, when they get the loan. Even so happy, that they do not ask about the terms. Their target is to get an own home and the rest is details. However, what they should understand in this process is, that to make a decision about the home mortgage loans requires patience and quiet thinking, discussion and understanding.

1. Understanding The Meaning Of The Credit Score.

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Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage and part of the second. If you could site any websites that show these types of laws it would be appreciated. Thanks.
Oh and real examples would be great. I’ve heard many people say yes they can come after you, but of those that have actually been foreclosed on I’ve yet to hear one of them tell me an actual horror story. This could be because many second lien holders use fear to get some people to pay them money and salvage some of their loss.
coragryph, keep in mind the 2nd was used as purchase money, so it was not a 2nd mortgage that was “taken out”. Also, have you actually heard of this happen or only studied it? Thats what i’m finding out, that most lenders don’t go through with that, as they end up getting nothing after spending all the money to legally fight it and most individuals could file BK to avoid it.

I’ve found houses I like in what I think is my price range, high 100,000 low 200,000, but I don’t have any equity. My monthly income is enough to pay the payments I’ve figured w/ mortgage calculators. I have good credit but I’m young….so my credit history is not too long…what should I do? wishful thinking in california

I have two mortgages and I plan to go into bankruptcy. I heard that I can get the second loan be erased through bankruptcy since it is ulnsecured debt, because the value of the home is totally less than even the first loan?

Is it possible? under Chapter 13 or even Chapter 7?

I left off the following information about my previous question. The first mortgage of $190,000 has a fixed rate of 5.375% and the home equity loan in the amount of $35,000 has a variable interest rate currently at 12.13%. Please see my earlier question for more details. Thanks so much for your help!!!! I want to pay my house off as fast as I can!

I have excellent credit but I stay at home with our newborn and 19 month old. I did work until I had my 1st son … 19 months ago.
Hubby works but has horrible credit. We have tried to clean it up over the past 2 years but still have a 5k car repo on it and just dont have the money to pay it all in one lump some right now.
We have a great deal maybe being put onto our table. My mother in law might sell us her small brand new built home we rent right now for 80k when its worth at least 150k. But we can only afford 90k but with the extra 10k we want to landscape and finish the odds and ends they never got to. It’s poss going to be foreclosed on-LONG STORY- but with bad credit is is poss to get a reasonable home loan? If so 90k at what interest rate do u think? Prop taxes are about 1100 per year and we’d also have to add in home ins yearly. Could we get all that under 700 a month u think?

A 125% home equity loan (also known no equity loans, 125 home equity loans and 125) is a second mortgage that no equity is required to be incorporated, but the loan, you can store up to 125% more than the current call loans to value (CLTV) ratio from home. The CLTV is the share of more than one loan secured by your house in relation to its value. This is a loan to the different value(LTV), which involves only the portion of a single loan with a view to its value.http://www.125equityloan.equitylinesite.com/2009/11/02/125-home-equity-no-equity-second-mortgage-loans-for-first-time-home-buyers/

Wikipedia offers these examples to help the people, the difference between LTV and CLTV:

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It can be both exciting and perplexing when it comes to buying your first home. Get yourself to know the basics of home mortgage loans and be on your way to finding the perfect place.

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Getting a house of your own is one of the most important things that people want from their lives and many people in their younger days rake up debts, but with bad credit home loans first time buyer options you can still afford the home of your dreams.

There are many different loans that you can get, and as a first time home buyer, most banks and lending institutions prefer to overlook the defaults you have against your name. There will be other assets that they ask you to attach to your home loan to make sure that you make the monthly installments.

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