Silent 2Nd Mortgage

HUD does not have a particular policy regarding down payment programs in terms of applying for approval with the program. However, HUD does indeed maintain a list of HUD Approved down payment assistance programs.. When it comes to down payment programs, the primary focus for HUD is ensuring that no secondary financing (2nd mortgage.

What is a silent second mortgage? Let’s say you have your eye on a home and need a mortgage, but you don’t have enough money for the down payment required by a lender (typically 20%). Enter the silent second mortgage, a loan provided to a home buyer in order to cover the down payment, says Joseph Tsentner , a mortgage loan officer with.

A silent second should not be confused with a "piggyback," which is also a second mortgage that replaces a down payment. The difference is that the piggyback is usually offered by the first mortgage lender, so no deception is involved.

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In an op-ed published on under the title “Let’s Get the Conversation Started: 2016 presidential candidates Must Address America’s Silent Housing Crisis. requires us to start talking.

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Silent Second Mortgage Loan Fraud. A home seller and a home buyer agree on a price of $200,000 for a home. The buyer has been approved for financing worth $180,000 from a lender, but doesn’t have the remaining $20,000 for a down payment. Instead, the buyer can only afford a $5,000 down payment.

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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.

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.