A scheme where a buyer of real estate takes a second mortgage on the property without the knowledge of the first mortgage lender. The second mortgage is then used as a down payment to the first mortgage which increases the first mortgagor's risk.
Related information about silent second mortgage:
- Silent Second Mortgages - The Mortgage Professor
Apr 16, 2007 ... 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 ...
- Silent Second Mortgage Definition | Investopedia
A secondary mortgage placed on an asset that is not disclosed to the lender of the original loan. Silent second mortgages are used when a purchaser can't ...
- Why 'silent' Second Mortgages Are So Risky - ReallyGreatRate.com ...
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 ...
- Silent Second Mortgage: Definition from Answers.com
A lien on a property that is exercised only if the property is sold within the term of the lien. Used by charitable organizations that provide down payment.
- Silent Second Mortgage
U.S. Attorney A. Brian Albritton has announced that Robert Policastro has been sentenced to five years and three months in federal prison for conspiracy to ...
- What Is a Silent Second Mortgage?
Silent second mortgages are mortgages that are taken out on properties that already carry mortgages. With this particular approach, the holder of the first ...
- Can you get a silent second mortgage with an fha loan? - Trulia
Mar 15, 2009 ... can you get a silent second mortgage with an fha loan? Find answers to this and many other questions on Trulia Voices, a community for you to ...
- What is silent second mortgage? definition and meaning
Definition of silent second mortgage: A scheme where a buyer of real estate takes a second mortgage on the property without the knowledge of the first ...