If you own a house assessed at about 400k, how much down payment would you need to put on a house costing in the 800k-900k, and how much will be a typical monthly mortgage. Also, do you need a solid job to get a mortgage on your second house if you own your first house? [...]

If my first mortgage company is foreclosing, what will my second mortgage company do, and what can I do about it? I’m not sure they can do anything to you that is, but i did hear that you can actually buy your own home if it’s foreclosure and without having to go to a bank. [...]

My husband is a Naval Officer and we purchased our first condo/home a little over six months ago with a VA loan. Next year my husband is changing stations. We would like to buy a new home at the next location while turning our current place into a rental property. We’re already in contact with [...]

I’m writing a paper on the national debt and I need to know what percent of Americans have second mortgages. Thanks! I have owned numerous homes over a 30 yr period and have NEVER taken out a 2nd mortgage. I would never use my residence to cover other expenses addthis_url = ‘http%3A%2F%2Fwww.secondhomemortgages.org%2Fblog%2Fsecond-home-mortgage%2Fhow-many-people-take-out-a-second-mortgage-on-their-home’; addthis_title = ‘How+many+people+take+out+a+second+mortgage+on+their+home%3F’; [...]

My mortgage is $1611 and I could rent the house for $1800. But I do not have my property taxes rolled into my mortgage – and that is $3000 per year. If I get $1800 for rent – will the mortgage lender consider that I have a positive cash flow? Or do I have to [...]

I pay first mortgage on time and taxes on time so how can I keep my home . Mrs Power, The basic right of the second trust deed holder is to acquire the property subject only to the superior rights of the first trust deed holder. You will have to refinance your 2nd. trust deed [...]

and you’re not renting out your old home? i see people buying new houses all the time and i wonder how it works. do you pay two mortgages till you sell your first house? what hapens ifyou never sell your house? can the bank sell it for you and apply the money to the new [...]

We own a home were we are now and we owe about $150000 the house is probably worth $120000. We may be moving for a job opportunity and are overwhelmed with the thoughts of what to do with are current home and whether we will have to rent a new home in the new location. [...]

Absolutely! You can deduct mortgage interest and property taxes for both your main home and your second home. This is deductable on the Schedule A (sometimes referred to as a long form). Taxpayers use the Schedule A when total deductable expenses exceed the Standard Deduction for your filing status. addthis_url = ‘http%3A%2F%2Fwww.secondhomemortgages.org%2Fblog%2Fsecond-home-mortgage%2Fis-the-interest-paid-on-a-mortgage-on-a-second-home-deductible-from-incone-taxes’; addthis_title = ‘Is+the+interest+paid+on+a+Mortgage+on+a+second+Home+deductible+from+Incone+Taxes%3F’; [...]

I currently own a home in Maryland and plan on moving to NY next Summer. with our current housing market, I am considering renting out my existing town-home (so I can wait out the crunch we are in). And when in NY, I hope to take advantage of the lower priced homes. I am curious [...]