If you have equity in your property, you can use it as downpayment or you can just have 2 mortgages. Depending on income and property equity, this can be done.

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I have very little income coming in but i own two houses out right without any mortgages. poor credit aswell. the house i want to get a mortgage on ( lower value house so smaller payment ) is a rental property and i'd use part of the rent to pay the mortgage so payment would be no problem. would a bank need me to have good income coming in to do this or would the fact that i own the house outright with out a mortgage ever be good enough?

why not just do a L2P or L2P wrap with the seller. You can then rent it out or even rent to own it without investing any of your money in case it does not work out you walk away.

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Say the 2nd mortgage is substantially less than the value of the house. let's say the value of the house is at $300k, and the first mortgage (the one on the house) has $40k left. you take out a home equity of $20k. what happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.

Not sure I understand the question being asked . . . however, if the mortage (lst) is only 40 K left on principal and the home equity lein is 20 K . . . I would wonder why you don't pay off the mortgage and increase the Home Equity lein to (say) 100 K if you require some more funds for now . . . surely any bank would offer you 25% of the value of the property as a Home Equity Line of Credit (HELOC) . . HELOC's are far better than a mortgage ~ one pays less interest in the long haul and the debt disappears quicker as well.

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Going on the title...if we separate say the home is worth 260,000.00, the 1st mortgage is 123,000.00, the second mortgage which i am holding is 130,000.00...would it be fair to subtract from 260,000.00 minus 123,000.00 equals 137,000,.00 minus my 2nd mortgage which would leave in equity 7,000.00, for him...say the home increased in price to 400,000.00 divide by 2 (split) = 200,000.00 and deduct his mortgage from his half ( in the prenup it states its his 1st mortgage since i paid my half) and i get my 130,000.00 plus 200,000.00......to me this isn't fair i think we should deduct the 1st and 2nd mortgage off the 400,00.00 and then split.....i don't want ruin the guy like his first wife. hope i explained this properly.

if you signed a prenup that will be the controlling authority on how the assets will be dived upon a divorce, unless he agrees to changes in the prenup little you can do now about it after the fact of signing the contract

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Yes but, as a rule, the mortgage plus your new loan must not exceed the value of your home. If the total of your loans exceeds 80% of the value, the lender will almost certainly insist on mortgage insurance. With this, you pay the premiums but the mortgage company gets the benefit if you default.

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I own my house (am mortgaging it), have 40k equity in it, but do not have the credit to get a home equity loan. if i knew someone (a friend) that would lend me a little bit of my equity, can i use my house as collateral to them? and how would i go about doing it if so? what are the steps, and how would it go? if i dont have the title myself, the mortgage co. does, so how would it work, to give someone part of the equity? is there anyway to do it without the 2nd mortgage? like maybe a contract saying that "if i dont pay him/her back they can take my house or something?" lol?

Never borrow money from a friend!! If you do, make sure you have a lawyer draw up a contract or something, so you or the person you borrow from don't get burned.

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I pay the mortgage on a joint named property until my youngest leaves full time education. my ex 'appears' to be spending money like water and i am worried that she is borrowing, using the house as collateral. how can i check that she is/isn't doing this?

Check with your lender any additional loans against the property as security have to be recorded as second charges and be registered with the land registry,if there are no recorded second charges the whoever she is borrowing from cannot take the property.Your mortgage lender who has the first charge also has to agree a second charge to do this they would need your consent,so I think you are quite safe but as said just to be sure check with your lender.The problem may arise in that if she gets into too much debt the lender may declare against her assets which might through the back door, mean your home.Are you legaly seperated if so that may give some more protection.If in doubt allways seek legal advice.

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I have loans for my business, my house used as collateral security.my business fail, the bank buy my house under 75 % of market price, also the bank asking me to pay the difference, the house in the market wealth more than double of business loan.

You pledged your house as collateral for the loan and did not repay the loan? The bank has a right to force the sale of your house. What it is worth vs. what you owed has little to do with it. If your state allows your mortgage company to seek a deficiency judgment, they most probably will. The only way to get out of paying that if you ever intend to own another property is to file bankruptcy and include that judgment in it. Sorry about your luck. Get a lawyer so that you can clean up the mess and protect your future.

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Or do you just have to mortgage the house?? if the house is paid off completely, what are the chances i'd be able to get a loan on it if my credit score is in the mid-600 range?? can anyone refer me to some good websites or something about how helocs, refinancing and person loans work?? (i'm in cali if that helps) thanks guys!!

A HELOC (home equity line of credit) is a second mortgage loan that is secured against your home. If your house is paid for it means that you have alot of equity and you will have no problems getting a HELOC. A refinance or cash out refinance basically replaces your current mortgage with one that is bigger thereby allowing you to take cash out of your home. For example, if you current mortgage is $100,000, you can use a cash out refinance to take out $25,000 therefore your new mortgage loan would be $125,000. We offer free HELOC and Cash out refinance quotes, if you are interested. Best of luck.

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If i buy this house (with cash-no mortgage), i may need a little more money to do some work on it. is this possible? i know i wouldn't qualify for a heloc. what information does the bank want in order to loan? is it a sure thing if the loan is very miniscule compared to the house value?

You may want to look at getting a home equity loan. There should not be any points and the interest rates are fairly reasonable compared to a personal loan . You could qualify for a home equity loan up to the appraised value of the home. You don't have to use it, but it would be there should you need it. A home equity loan can be for any amount up to the worth of the home. There is usually not a prepayment penalty with this type of loan. You are only charged interest for the time you need the money. Since the loan will be secured by real estate there is little risk for the lender. Lenders have different criteria for qualifying. They will probably look at your credit history, income and value of the home.

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There is no collateral as the house is sold.what will be their next move.also if they sell my second loan to another party what is the average that they will settle for?

Collection agencies will sometimes settle for 50% but that usually means one lump payment. And they usually don't offer that settlement upfront.