Non Qualified Mortgage

Silent Second Mortgage

As far as the first mortgage lender knows, the down payment is $20,000, but in fact, it is only $5,000. The silent second increases risk to the first mortgage lender because it takes only a 2.5% decline in home value to eliminate the borrower’s equity – rather than the 10% decline that the lender counted on.

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For one, there are two types-and two very different reasons that each is "silent." When silent second mortgages are illegal. OK, now a warning. In some cases, the term "silent second mortgage" is used to describe a fraudulent practice you should avoid at all costs, one that might seem on the up-and-up.

I thought the right was tough, hard-headed, thick-skinned folk who are unconditional supporters of the First and Second Amendments. It’s good for banks and bond holders and mortgages. However,

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Mortgage terms that require interest at a market rate. If financing provided by the property seller is more than 2% below current standard rates for second mortgages, the subordinate financing must be considered a sales concession and the subordinate financing amount must be deducted from the sales price.

A silent second mortgage is a second mortgage placed on an asset for down payment funds that are not disclosed to the original lender on the first mortgage.

The term "second mortgage" in this section also includes a new HUD -held first mortgage (not a refinancing mortgage), if a full payment of claim is made under 401.471 or if a full payment of claim is unnecessary because surplus project accounts are available to facilitate the Restructuring Plan, pursuant to section 517(b)(6) of MAHRA, or if 401.460(a) does not permit a restructured first mortgage in any amount.

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A "silent second" is a second mortgage – a loan you take out in addition to your first mortgage. The "silent" part means that you don’t have to make monthly payments on it and in many cases, it doesn’t even accrue interest for up to five years.

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