What Is A Silent Second Mortgage
Dear real estate adviser, We’re trying to sell our home and just found out there’s an undisclosed second mortgage that was charged off in fall 2009 and finally assigned to a collection agency.
2nd line needed a push. This year the entire 3rd line is a. Just don’t see why it wouldn’t be worth it, mortgage some of the future and wait for maybes or know what you are getting and what the.
A silent second mortgage is mortgage that is not recorded on the HUD-1. It is considered a "side deal" and is typically a violation of RESPA (Real Estate Settlement Procedures Act). In other words, a silent second mortgage, or any other side deal that is not recorded on the HUD-1 for that matter, is often mortgage fraud.
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A scheme where a buyer of real estate takes a second mortgage on the property without the knowledge of the first mortgage lender. The second mortgage is then used as a down payment to the first mortgage which increases the first mortgagor’s risk.
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The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80% of the house value rests assured that in case of depreciation there will be equity of 20%, when in fact the borrower may have contributed only 5% and taken a silent second mortgage loan of 15% to make the down payment.
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A silent second mortgage is a second lien mortgage which is obtained without informing the first lien holder. This means that the first mortgage holder on your property is unaware of the fact that there’s a second mortgage on the property. Buyers take this type of silent loans to provide for the downpayment on the first mortgage.
silent second (1) A second mortgage placed on a home, usually in favor of the seller, so that a purchaser can buy the home even without a sufficient down payment.They are called silent because the first lender does not know about the second mortgage and might not have approved the first mortgage if it had known the borrower did not have enough money for a down payment.(2) Shared equity second.