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Ultimately LBHI wrote off the second mortgage as a total loss and sold the first mortgage in May 2008 for $364,765.
6, 2014 /PRNewswire/ -- Overland Park-based CapWest Mortgage, a division of Farmers Bank & Trust, is adding fixed second mortgages and home equity lines of credit (HELOC) to its loan product offering for all third party origination (TPO) clients.
The second-mortgage modification programme allows customers who availed second mortgages to lower payments or eliminate the loans entirely.
In fact, some regulators have suggested that banks could improve their Community Reinvestment Act ratings--which gauge how well banks provide credit to minority and low-income citizens--by purchasing high-rate second mortgages on the secondary market.
I searched over 60 lenders for a second mortgage for a customer with special needs, and I found the best rate, terms and service with Creative Mortgage Lending," said Allyson Karnes, president of Heritage Mortgage Corporation.
Under Chapter 13, the lien may not be modified if there exists any value that would secure some or all of the second mortgage debt.
For homeowners, the result is the elimination of a second mortgage without penalty from the lender or IRS for taxes.
The bank has become the second bank to sign up for a government programme aimed at modifying second mortgages.
a $500,000 second mortgage for a 70-unit co-op located at 2035 Central Park Avenue in Yonkers, N.
The other trend brokers report is an increase in second mortgages and a shift to larger seconds, which are typically structured as a line of credit and therefore vulnerable to rising interest rates.
It is immaterial if the forgiven indebtedness is referred to as a first mortgage or a second mortgage (or indeed any further mortgage), as long as the indebtedness is secured by the taxpayer's business property, which is to say, property used in the taxpayer's trade or business.