If somebody used the equity in their home to get a mortgage (home was paid off, except for $30,000, then home was refinanced with a $200,000 mortgage with $160,000 in cash going to homeowner, $30,000 to pay off the previous mortgage), is this mortgage eligible for loan modification? Or are only loans that were used [...]

I am searching for financing to make home improvement repairs, I submitted a request for a home equity loan through lending tree. The lenders throwing out terms such as 1st mortgage, 2nd mortgage, and home equity loan. The # denotes seniority/position in chain of title. A first mortgage is a loan secured by the property [...]

Are the terms interchangable or are they two different things? Yes, a home equity loan IS a 2nd mortgage. Some people however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "line of credit" is revolving and can be used over and over again. But both loans are actually [...]

I was a collector of unsecured debt for years ( I was the guy that hounds you on the phone ). I know the FTC regulates debt collection through the Federal Debt Collectors Practices Act. I remember my boss telling me about the Good Ol’ Days when he would go to peoples homes and actually [...]