Silent second mortgages are used when a buyer can’t afford the down payment required by the first mortgage. The legal way to do it is by seeking government assistance; though that’s not always the case. Silent second mortgages you shouldn’t use
Homeowner can’t sell home due to silent second mortgage from previous owners. The title company’s job was to make sure your title was not clouded with one or more liens, and a second mortgage would be tantamount among those concerns, surpassing in importance other such "clouders" as unpaid tax assessments, IRS liens and mechanic’s liens.
The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80% of the house value rests assured that in case of depreciation there will be equity of 20%, when in fact the borrower may have contributed only 5% and taken a silent second mortgage loan of 15% to make the down payment.
A silent second mortgage is a second mortgage placed on an asset for down payment funds that is not disclosed to the original lender on the first mortgage. Many existing mortgages contain a "due on encumbrance" clause which says the first mortgage lender can "call" the loan if a second mortgage is placed on the property.
But the TransUnion report also tells a worrying story about debt growth among seniors: The volume of new mortgages set up by what TransUnion calls the “silent/pre-war generation. non-mortgage debt.
Silent secondis one of these. It’s a program offered by a government entity or a non-profit agency to assist low-income families buy a home they couldn’t otherwise afford. There are income limitations as well as other restrictions, but it can mean the realization of the dream of homeownership if you qualify.
I’m just trying to stack my cash, pay off our mortgage, so what the fuck you want?” before pulling a stash of designer drugs even Zendaya hasn’t heard of yet out of a convenience-store microwave..
Lions notes: RB Abdullah mostly silent in preseason loss Tomlinson, who started four seasons at right guard for Duke, played with the second-team offense and allowed a sack early in the second quarter.
no income verification car loan (Editor’s note [oct. 2014]: Obviously, much has changed since the following article was written in 2006. These days, it is nearly impossible to obtain a no-income verification home equity loan or line of credit (HELOC); lenders will require that you document your income or at least your assets.fha streamline upfront mip fha requirements mortgage insurance (mip) for FHA Insured Loan. Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment. 2019 mip rates for FHA Loans Over 15 Years