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It is a second mortgage your primary lender is not aware of. 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%,
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Under this new product, a non-profit, housing finance agency from Utah is providing second-mortgage loans to cover the 3.5 percent down payment on a federal housing administration mortgage. And if.
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.
The loan is in second position behind primary financing from a mortgage lender and is typically known as a "silent second" because of. This second mortgage IS NOT PAYABLE so long as the borrower meets the occupancy requirements of the program, listed at a minimum 36 months. This is known as a "silent" second mortgage.
Sometimes the money comes from a "silent" second mortgage provided by a nonprofit government agency — or perhaps even your employer. Also known as a "soft" second, this type of loan often is deferred.
She also said that the holder of a second mortgage could not foreclose on a home. But if your contract is silent as to who keeps any late fees, I would take the position that this is your property.
Silent Second Mortgages – The Mortgage Professor – April 16, 2007, Revised May 23, 2007 The term "silent second" is used most frequently to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction, without the full knowledge of the first mortgage lender.