Second Mortgage Loans

Second mortgage loans are loans taken out against your home equity after your primary loan has been taken out. Your home equity is your collateral for this type of loan. In cases of default on both primary and secondary loan, the first loan should be paid first before paying the balance of your second loan.
Many home owners enter a second mortgage loan for several reasons.

Read more: Second Mortgage Loans


Pros and Cons of Tapping into Your 401K to Avoid Foreclosure

Foreclosure has become a crisis in America and many homeowners are desperately trying to find solutions to prevent foreclosure. More and more of them, if they haven’t already, are thinking about tapping into their 401K’s or IRA’s to avoid foreclosure.
When the housing market was up and the interest rates were at a historical low, there was a refinance frenzy taking place. Most of these mortgages were refinanced with an adjustable rate mortgage (ARM) and when there mortgage increased, homeowners were unable to pay the additional amount. When the housing market plummeted, not only did people lose jobs, but many homeowners could not even sell their homes to get out of foreclosure.
No matter what the situation, if you are one of the many homeowners facing foreclosure and your are thinking about using retirement savings, check out these “pros” and “cons” on using your 401K or IRA to avoid foreclosure.


About This Blog

  © Blogger templates ProBlogger Template by 2008

Back to TOP