Soft second mortgage, is a second mortgage with payments that are forgiven, deferred, or subsidized in some fashion, generally until resale of the mortgaged property. Example, a home for sale for $100K, you qualify for $50K, a second mortgage is granted, based on you remaining in the home for a certain number of years, making timely, payments.
Westpac has reported a rise in the number of people missing mortgage payments amid a sluggish economy and a soft housing.
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A soft prepayment penalty restricts the borrower only from refinancing the property before the time period is up; otherwise he is liable to pay the fee. With this type of penalty, the home could be sold at any time after the close of the first loan without incurring the extra fees.
Any financing other than the first mortgage that creates a lien against the property is considered secondary financing. Such financing is not considered a gift, even if it is a "soft" or "silent" second, or has other features forgiving the debt. Note: A "soft" or "silent" second is secondary financing with no monthly repayment.
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The Lousiana Housing Corporation offers the Mortgage Revenue Bond Assisted Program and the Mortgage Revenue Bond Home Program to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing. Find out more information for homebuyers.
The American dream downpayment initiative (addi) program provides qualifying, low-income applicants with assistance funds in the form of a forgivable, soft second mortgage, up to six percent of the sale price, not to exceed $10,000. These funds can be used to cover some or all of the downpayment and closing costs.
AMMAN – The French Agency for Development (AFD) on Monday granted Jordan a soft loan of 95 million euros to support the. that have been affected by the Syrian crisis. Meanwhile, the second.
The idea of a soft second mortgage is to make homeownership really affordable to low to average income Americans. A soft second will carry interest of 2 or more points below market rates and no buying points will be necessary. A soft second mortgage can save a household over $30,000 over the lifetime of the loan.