Posted by curious_1 on 6/16/05 10:48pm
Msg #45397

What are 2nd Mortgages/Piggy Backs?

Not too familiar with these. Any QUICK explanations?.....I will research on my own as well. I have heard of Piggy Back Loans, but I still have to look it up to see exacly what it is.


Thanks to all in advance.

Reply by Anonymous on 6/16/05 10:53pm
Msg #45398

Usually when people purchase or refinance a house they can do two mortgages instead of just one. So they end up paying two loans each month. They are called 1st and 2nd mortgages or nickname for the 2nd mortgage is "piggy back" it is usually smaller than the first one but it will still keep you at the borrower's home for another 45min+/-. --Mary in CA.

Reply by Curious_1 on 6/16/05 10:56pm
Msg #45399

THANK YOU! Very quick and concise. Truly appreciate your response!

Reply by Toni (NY) on 6/17/05 1:46pm
Msg #45561

People are doing this more and more lately...I see a lot of 1st and seconds done at the time of the purchase...they do it because they often save paying PMI on their first mortgage by staying under 80% LTV on the first and then taking a second mortgage to get to 90% of the LTV.

Toni (NY)

Reply by JustAdvising on 6/18/05 2:41am
Msg #45802

Re: What are 2nd Mortgages/Piggy Backs? To Toni (NY)

Toni,

In response to your post, I hope you are NOT conducting Loan Signings in New York for PURCHASES.

Please know that NY is an attorney state and that Notaries do NOT have the jurisdiction to sign loan documents and issue funds for a Purchase.

Contact the Department of State (for New York of course) if you have any conflicting information.

*I apologize in advance if you already know this and if I took your post the wrong way*

Reply by Toni (NY) on 6/20/05 1:06pm
Msg #46165

Re: What are 2nd Mortgages/Piggy Backs? To Toni (NY)

I work in an attorney's office also, that is why I stated that I see the firsts and seconds often lately. But thanks for the post.