Why are home equity loans easier to get than a...
...regular first mortgage? The paperwork and requirements for a first are much more difficult to satisfy. Why? I owe nothing on my home, I want a first on it, but because I work abroad and can't show tax returns for 2009 I can't get a first. But home equity seems do-able. Why?Actually, I live in the house 4 months out of 12, and my Bank of America account shows monthly deposits from Tokyo. And the house is free and clear. They will give me a second (in first position) , but not a first. I don't understand the difference: why give me a second, but not a first? Is it related to the source of the funds?
|
08-21-2010, 05:01 PM
Linear Mode
