Second Mortgage

Even if the other spouse is not on the loan, Florida requires them on the first or second mortgage. Is there any way around this?

Florida does require a married person to put their spouse on a new mortgage. For instance, when both the husband and wife are owners of the property but only one of them (let’s say the husband) is on the loan. It is the same with insurance rates with some companies. If you have a license and your spouse does not, then you may not qualify for some special insurance plans.

The mortgage is the security instrument for the loan. It says that the owners of the property acknowledge that if the loan is not paid then the lender has the right to foreclose on the property and sell it. In order for this security instrument to be effective, ALL owners of the property must sign. Read the rest of this entry »

30-year Fixed Mortgage Refinance rates in Florida has gone down!

Average rates on 30-year fixed mortgage refinances in Florida have fallen 1 basis point to 5.86, according to a survey. A basis point is one-hundredth of a percent. The mortgages in a survey had an average of 0.71 discount and origination points.

A refinanced mortgage is one in which a borrower pays off his first and/or second mortgage with a new loan. People who refinance their second mortgage usually do so to get a lower interest rate, lower their payments or to take cash out of their equity. Read the rest of this entry »

You want to buy a mobile home in Florida with no down payment?

It is not difficult to buy one but you have to know how to tackle it with a few things in hand. For instance, you have found the perfect property in central Florida. It’s an acre of land with an older single-wide mobile home on it. It’s the only home you can afford without being an absolute shack on no property. You love it because you’d be spending your money mostly investing in the property, and you could build your dream home on it later.

The problem — you don’t have money for a down payment. Now you have a good credit as you have been approved by your bank for the second mortgage. Moreover, in Florida, every government program you will find will not help with the purchase of a mobile home– not SHIP, not First Time Homebuyers, not Fannie Mae, not HOME, etc. Read the rest of this entry »

How can you use Mortgage debt consolidation as an alternative to bankruptcy in Florida?

Before considering bankruptcy there are several options you might want to check out. The availability and usefulness of these options will depend on your employment (or source of income) situation and the type of assets you have. These other options involve consolidating your payments through a credit counseling service or consolidating all your debt through a debt consolidation mortgage, which is normally second mortgage against your home.

There really are two types of debt consolidation loans, one that is secured by equity in your home and one that is not. In Florida, an exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500. Read the rest of this entry »