Posted by John B. Corey Jr. on September 10, 2005 at 15:32:48:
Fritz,
Either you have missed the point or I am missing something.
The lender for the 1st does not know that the title has been transferred and the borrower has dropped out of the picture.
Are you saying that contacting the lender to ask about guidelines for a 2nd will not somehow alert the lender that the DOS could be activated?
John Corey
Chelsea Private Equity LLC
securing second mortgage on sub2 deal ??? - Posted by Jason
Posted by Jason on September 09, 2005 at 14:01:37:
I just recorded the deed on a property I bought subject to and I need to borrow some funds from my private lender for some repairs and holding costs as I need to sell this home immediately for the equity and not hold onto it.
Can I secure a second mortgage to the property for the small amount of the loan and not send up any red flags to the first mortgage causing them to call the first due? There is enough equity for the 2nd.
I plan on securing with a second mortgage against the property, a promissary note, and the private lender additionally insured against the property.
Does this sound correct? I’ve never done this before so any help and tips are much apprciated. I can provide more details if needed via email.
thanks
Re: securing second mortgage on sub2 deal ??? - Posted by fritz
Posted by fritz on September 10, 2005 at 06:32:57:
First contact the first lien holder, and inquire about their guidelines on securing a second loan
Then you can shop around.There are several lenders that offer Stand Alone 2nds on both owner-occs and investments. Sometimes, seasoning may not even be an issue.
If FICO , cash reserves, location are fall within the lender’s guidelines, then you may not need a private investor after all.
Send me an email and let’s discuss scenarios