Is a forgivable second loan legal?
535647
Yes.  But, if the loan is not repaid because it was forgiven, the amount forgiven may have to be reported as income to the one getting the loan.  The lender must file an appropriate 1099 with the IRS.
673860
To an extent yes as the loan is tax deductible.  The problem arises if the loan is for 15 years and the car only lasts 5.  That means you are paying an additional 10 years for something that you no longer have.
623804
THIS IS NOT LEGAL ADVICE.  YOU SHOULD SEEK ADVICE OF COUNSEL WITH KNOWLEDGE OF LOCAL LAWS.\n\nBetter check your loan agreement, promissory note or other debt instrument.  Many companies include in the terms of their debt instruments a right to call the full amount due at any time, at their discretion.  If this clause exists in your debt instrument then they may be within their rights to do so.  If the clause is not in your agreement you may have some ability to fight their claim for immediate full payment. \n\nGood luck!
880558
Yes, but I would speak with the SS office regarding what type and amount of loan you can get.
1032606
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
754394
yes you can. you just have to make sure that you can show the equity and the fact that you can make the payments on both of the loans.
733842
Prosper loans are NOT forgivable. They are loans you must pay back.\n\nIf you want something you don't have to pay back your parents are about the only choice you have. The rest of us want a return on our investment.
694685
This is not illegal. This is standard practice. Normally, an appraisal is done prior to the loan to insure the lender is not olaning more than the property is worth.\n\nHere is some additional info. Hope this helps.
1072822
Check your Note for the 2nd mortgage you're trying to refinance carefully.  Many 2nds have prepayment penalties!!!!  That would make any changes probably not worth it, as they're usually somewhere around 6 months worth of interest in the first year.\n\nI would say, if you qualified for the first and 2nd to begin with you could probably qualify again, but I'm assuming your financial information has changed in the month since you purchased and this may not be the case.\n\nDid you purchase the house for under appraised value?  It would be extremely rare for a house to appreciate in the first month, although some areas of the country are moving up quite fast.\n\nI don't know if there is any good answer.  The best thing you can do is go back to  your original loan agent and ask.  It can never hurt and they're always willing to try to make things work and make their commissions!
854931
Assuming you are in Singapore, did the salesman lend you the money for the downpayment as a personal loan i.e. a loan from him or was it a service offered by his company i.e. a loan from the company?\n\nThe fact you were persuaded to borrow money to make the downpayment is fishy; most financial institutions lending you the money would either accept a lower downpayment and subsequently higher instalments or would refuse to lend you in the first place.\n\nIf the loan was made by the salesman or by his company and interest is being charged, it might constitute as an illegal loan as only licensed institutions like finance companies and banks can make loans with chargeable interest. Ergo, the lender is an illegal moneylender and loans of this nature is not payable.\n\nRegarding the issues surrounding your purchase, it appears the salesman have misled you on several counts. However, if all his promises were made verbally, it would be difficult to prove that he misled you.\n\nYou should engage a legal professional to explore your options in this situation.
1122120
You can typically have anyone as a co-borrower on any coventional loan. Your issue may really be a non-occupant co-borrower if that person is not going to make the property their primary residense. If this is the case then the rules will vary lender to lender and program to program. Also, is this a purchase or refinance? \n\nDrop me a line with the specifics of your deal and I will see what I can do to assist you.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com\nwww.firstratelending.com
201346
In my state, When you are purchasing a home at a foreclosure auction they require $5,000 up front as a deposit (refundable if you don't win the auction)  Then once the final bid is made and you win the $5,000.00 go's towards the purchase price.  Usually you have 24 hours to give the rest of the money to the bank.  Most lenders won't lend on that short of a notice so make sure you have alot of cash or a hard money lender.  Second You may have to pay for title insurance.  Many banks don't like to cover the cost of an owners policy on forclosures.  The owners policy's price will vary depending on the price of the home you want to insure (you can contact a local title company for an estimate)  Third be warry at foreclosures.  See if all of the liens are taken care of. I'll give you an example.  Say you take out a first mortgage and then a second you default on the first and it get's foreclosed on by being in second lien position the 2nd mortgage is wiped out.  However if it's the 2nd mortgage that is in default and get's foreclosed the first mortgage still remains full in effect and now that you are the new owner and the 1st bank didn't approve the new owner the 1st mortgage is also immediatly due and payable when you take ownership.  Also Be warry of any Homeowners association liens and attorney's liens they are not wiped out in a foreclosure neither are property taxes make sure they are paid.  Judgments on the prior owners this varies from state to state but generally any judgments that are caught after the mortgage being foreclosed are wiped out with exception to federal tax liens they are subject to a 180 redemption because they are the IRS and they can do that. Good luck I hope you have fun!!!
648324
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
297962
Contractually, I don't see anything here that legally obligates you to pay for his error. Read your final closing statement thoroughly to see how much he's already received.  Usually, commercial loans are handled by the banks directly w/o the use of third party brokers, so try going direct w/ the bank for any questions/concerns.  The loans funded, so I wouldn't pay a dime since he won't be able to prove your legal obligation.  What could he do?
865200
Yes, you should be able to refi the 2nd with no problem, assuming all the other credit issues are clear.  A neutral site I like with a lot of information on refinancing is at http://www.refinance-and-loans.com/ and they have a section in their topics on refinancing second mortgages.
116895
Yes.  A second mortgage note can be used as a down payment.  As a matter of fact, anything of value can be used as a down payment as long as both parties agree.  A lot depends on the seller of the home you are buying.  If it is an individual that can sell with owner financing they may be flexible enough to take part of the down payment in cash and the other as a note.  Be sure to check with local real estate laws in your state.  Each state is different.  Get a good real estate attorney to represent your interest and draw up the papers.  You should be fine.
357827
Yes, The property is used as collateral for the loan contract that you have with the lender. The lender can foreclose on the property to recoup there money that you owe in arrears.