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The Silent Second Mortage means,A mortgage which placed on asset that is not disclosed to lender of the genuine loan.The Mortgage is silent because the original lender is unaware of its presence. Its mostly used when a buyer cannot pay downpayment required by initial mortgage.
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Because mortgage grants are separate from home loans. These loans are generally a silent second loan that requires repayment when the homeowner chooses to refinance, transfer title, or sell the.
The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The silent second mortgage loan is not always a fraud. require full repayment after a house is sold; or Mortgage rates hit their lowest since 1955.
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Silent second mortgages are mortgages that are taken out on properties that already carry mortgages. With this particular approach, the holder of the first mortgage is not aware of the existence of this new second mortgage .
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.
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"Silent second mortgage" sometimes pertains to a secondary loan which is not disclosed to the lender of the original mortgage. The lender is made unaware that the money used for the down payment came from a separate mortgage. This is usually done for the reason that the homebuyer can’t afford the down payment.
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.