Home Buyers Alert

Golini: Home renovation in Canada rebounds in 2012 - yourhome.ca May 18, 2012
Golini: Home renovation in Canada rebounds in 2012yourhome.caMuch like new homes, though, the renovation industry is changing. Following the success of the highrise market in 2007, not to mention last year, homeowners and buyers in the GTA are shifting gears and embracing condominium living.and more » […]
Warning: Your garage sale may contain illegal items - Globe and Mail May 17, 2012
Globe and MailWarning: Your garage sale may contain illegal itemsGlobe and MailThat good-as-new baby walker? You're better off throwing those in the trash (environment be damned). Health Canada issued an advisory this week reminding anyone planning to hold a garage sale that they are legally responsible for making sure the ...and more » […]

Jul

09

2nd mortgage

By MSC

2nd mortgage
How the award of a second mortgage under the water will affect your credit?

My sister is trying to resolve a mortgage second underwater with your lender. She has remained current on all payments. Would settle for less of the total value of the note affect your credit? What What if you organized a short sale home? A short sale negatively impact your credit card?

Any time you fail to comply with the conditions of the original note which can affect your credit score. The lender is likely that this report in the office and "was formed with less than full balance" and next lender will probably avoid making a new mortgage for her like the plague. A short sale of the house had nothing to do with the lender, at least not yet receiving full payment, in which case it is the same result as above. Good luck!

2nd mortgage

If I have two homes and a mortgage, the bank comes after the second house, 2 as well?

If I have two houses, two mortgages, and default in one mortgage, the bank may (banks are different for each house) who holds the mortgage bad coming home after second 2?

No, but if you leave payment and get the property that you claim and have a Disability of sentence (in case of sale of the home does not cover the loan balance), you can place a lien against the second property.

How To Get a Second Mortgage

Categories : Canada Mortgage

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Mortgage Tip of the Day

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Canada-wide Mortgage News

Scary times to be making calls on interest rates - Edmonton Journal May 18, 2012
Scary times to be making calls on interest ratesEdmonton JournalAnd at home, the Bank of Canada's Carney is struggling with a couple of issues — how can it raise interest rates to slow Canadian spending and household debt without killing its export industry to the US in particular, and how can it avoid the ...and more » […]
Bank of Canada fears weak growth in global economy - Globe and Mail May 17, 2012
Globe and MailBank of Canada fears weak growth in global economyGlobe and MailFew economic forecasting shops, though, have anything like the highly sophisticated models the Bank of Canada uses to map out all kinds of scenarios and predict the future, which helps policy makers assess what to do with interest rates.and more » […]