Accommodation Endorser

  

See Accommodation Endorsement. This is the person cosigning.

Related or Semi-related Video

Finance: What is a second mortgage?4 Views

00:00

Finance allah shmoop What is a second mortgage Okay you

00:07

know what a first mortgages it's otherwise cleverly named what

00:12

is called it is called oh yeah Mortgage it's Just

00:14

a loan on a house You paid four hundred grand

00:17

for this baby Hundred grand down two hundred fifty grand

00:19

in a first mortgage And they're still fifty grand You

00:23

owe well where's that fifty large coming from the bank

00:27

wouldn't loan you any more on a first mortgage that

00:30

was costing you six percent a year Tio you know

00:32

to rent that money So you had to get a

00:34

second mortgage which should things go awry and you become

00:40

a statistic Well that's it's fully behind the first mortgage

00:44

in the priority stack of payback So in a bankruptcy

00:48

situation the first mortgage first what's called a first mortgage

00:52

get it fully paid along with any fees associated with

00:55

it and back interest accrued and any other things that

00:59

are associated with that first mortgage it stands in line

01:02

first in priority Then any cash leftover gets attributed to

01:07

that second mortgage So not surprisingly second mortgage money costs

01:13

a lot more to rent then first mortgage money because

01:16

the risk of non payment in a bad situation is

01:20

meaningful E higher especially when the borrowed does this for 00:01:25.136 --> [endTime] a living

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