Silent Second Mortgage This is a second mortgage placed on an asset for down payment funds but isn’t disclosed to the original lender on the first mortgage. A borrower without a down payment can commit mortgage fraud by borrowing the down payment from the seller in exchange for giving the seller a silent second mortgage .
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Enter the silent second mortgage, a loan provided to a home buyer in order to cover the down payment, says Joseph Tsentner, a mortgage loan officer with Freedom Mortgage in New York. As in the case of a traditional mortgage, the property to be purchased is the collateral.
Silent second mortgages are used when a buyer can’t afford the down payment required by the first mortgage. The legal way to do it is by seeking government assistance; though that’s not always the case. Silent second mortgages you shouldn’t use
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A silent second mortgage is used to pay for the down payment on the primary mortgage by borrowing against the same property, but this is not willfully disclosed to the primary mortgage company. It usually eats up most of the remaining equity in the property, leaving both the lender and the borrower at significant risk.
“It was around the time I needed to earn more money to be able to pay a mortgage, so I took a job as a doorman at The Place.
A silent second mortgage is a type of mortgage that is taken out on a property that already has a mortgage with the holder not.
This silent second mortgage is considered ‘silent’ because you will have to intentionally keep it a secret from your first lender in order to use it. This is a fraudulent practice . In general, lenders aren’t inclined to this kind of second mortgage loans because it can be an unsecured debt.