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IMPORTANT: Bing News RSS feed has moved!Q. I heard that you could give up on your second mortgage if you are current with your first mortgage. My wife and I are current with both of our loans and have good credit scores, but this sounds attractive. Is it a good idea? A. No. A second mortgage ... Read moreGary M. Singer: Giving up on second mortgage could be disastrousUnder cross-examination, Teague said that the purchase agreement for each loan disclosed the term of the second mortgage and that the sellers agreed to them. She also said that she was not surprised to see some money going back to Gulledge ... Read moreMortgage fraud trial opens with claims of undisclosed second mortgagesLoans are structured with a first mortgage from a conventional lender, typically at 50 percent loan-to-value, and a second mortgage from a certified development company such as TMC at 40 percent LTV. Conventional loans usually require 25 percent down but ... Read moreSBA loan program boosts Las Vegas businessesThe charges against Gulledge focus on 4 condos that she bought in 2007 using both a conventional mortgage loan and a second mortgage in which she agreed to pay part of the purchase price directly to the sellers. In each case, according to the ... Read moreMortgage fraud trial: Defense concludes case with real estate agent testimonySecond lien holders can block loan modifications. Results ... the Government Accountability Office reported in March. Mortgage servicers said there were differences in spelling of addresses, for instance, that prevented accurate identification. Read moreFederal mortgage aid programs fall shortBut they do, Carson says. He cites a recent loan application he handled, where the mortgage was initially rejected because the appraisal was too low. Later, it was approved with a second lender. The appraiser hired by the first lender said the ... Read moreRejected for a mortgage? It's not the final wordOn average, mortgage banks made a profit of $1,263 for each loan they originated during the third quarter" that's up from $575 per loan in the second quarter of 2011. In the first quarter, they made $346 per loan. Higher volume helped ... Read moreBanks post higher profits on each loanIn correspondent lending, banks buy loans originated by outside banks. An Ally Financial spokeswoman said the cutback is due to the rising costs of mortgage lending in Massachusetts ... Bank of America, the second largest U.S. bank by assets, said earlier ... Read moreGMAC to stop some mortgage loans in MassachusettsBut they do, Carson says. He cites a recent loan application he handled, where the mortgage was initially rejected because the appraisal was too low. Later, it was approved with a second lender. The appraiser hired by the first lender said the property was ... Read moreFor additional information, please see:
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