Silent Second Mortgage This is a second mortgage placed on an asset for down payment funds but isn’t disclosed to the original lender on the first mortgage. A borrower without a down payment can commit mortgage fraud by borrowing the down payment from the seller in exchange for giving the seller a silent second mortgage .
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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.While legal in many places around the world, this type of arrangement can easily be utilized to structure fraudulent real estate deals.
In May, potential existing-home sales increased 0.4% from the previous month, according to First American’s Potential Home Sales. Potential home sales model,” Fleming said. “Even as mortgage rates.
To make the deal work, the seller agrees to accept a silent second mortgage for $15,000. As far as the first mortgage lender knows, the down payment is $20,000, but in fact, it is only $5,000. The silent second increases risk to the first mortgage lender because it takes only a 2.5% decline in home value to eliminate the borrower’s equity – rather than the 10% decline that the lender counted on.
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A silent second mortgage is a second mortgage with no monthly payments. The best way to understand how a silent second mortgage can be used is to see an example. My hard money commercial mortgage company, Blackburne & Sons, was recently asked to refinance a balloon payment on a nice apartment building.