What Is A Silent Second Mortgage

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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.

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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.

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.

Hi, 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.

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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.

Ask the Underwriter is a regular column addressing real questions asked to, and answered by, professional mortgage underwriter. So, if you make your first payment on January 1st, the second on.