Get the free Home Owner Assistance Program Silent Second Loan Promissory Note

This document is a promissory note for a silent second loan provided by the City of Corona, secured by a deed of trust, outlining the terms of repayment, interest rates, events of default, and legal

How to fill out home owner assistance program

How to fill out Home Owner Assistance Program Silent Second Loan Promissory Note

1. Read the entire document thoroughly to understand the terms and conditions.
2. Provide your personal information such as name, address, and contact details in the designated sections.
3. Indicate the loan amount being requested and the terms of repayment as specified in the program guidelines.
4. Include information regarding the property for which the loan is being applied.
5. Sign and date the document at the bottom of the form to acknowledge and accept the terms.

Who needs Home Owner Assistance Program Silent Second Loan Promissory Note?

1. Homeowners facing financial hardship who are seeking assistance with their mortgage.
2. Individuals eligible for the Home Owner Assistance Program to prevent foreclosure.
3. Those looking to secure a second loan to help cover mortgage payments or related costs.

People Also Ask about

What is the downside to a second mortgage?

Second mortgages are riskier for lenders, so they charge steeper rates. You'd also pay a lower rate on a regular rate-and-term refinance or cash-out refinance. Second mortgages also come with closing costs, which you'll need to pay upfront when taking out the loan.

How does a silent second mortgage work?

Your lender will keep the original promissory note until your loan is paid off. When you close, you'll also receive a copy of your mortgage and promissory note and the remainder of your closing documents.

What is the purpose of a soft second loan?

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. Home equity loans and home equity lines of credit (HELOCs) are common examples of second mortgages.

Does a second mortgage have to be with the same lender?

A second mortgage is separate from your first, so you would have two different monthly repayments. This means you don't have to have both mortgages with the same lender (even if the second loan is for your current home). Second mortgages can be perceived as a higher risk to many lenders.

How to get a promissory note for your house?

A “soft second” is a subordinate loan used to cover down payment and closing costs. The soft second has a deferred payment schedule, so borrowers do not have to make any payments until they sell their home or refinance.

Can you refinance with a silent second?

No, your silent second (subordinate loan) becomes due and payable at the time of the refinance.

What is a silent second mortgage?

Down Payment Assistance Programs CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

For pdfFiller’s FAQs

What is Home Owner Assistance Program Silent Second Loan Promissory Note?

The Home Owner Assistance Program Silent Second Loan Promissory Note is a legal document that outlines the terms and conditions of a secondary loan provided to eligible homeowners. This loan is designed to assist with down payments or closing costs, and is typically deferred, meaning that repayment is not required until certain conditions are met, such as the sale of the home.

Who is required to file Home Owner Assistance Program Silent Second Loan Promissory Note?

Homeowners who receive a silent second loan under the Home Owner Assistance Program are required to file the Silent Second Loan Promissory Note. This includes individuals or families who meet the eligibility criteria for the program and are utilizing the loan to help purchase their home.

How to fill out Home Owner Assistance Program Silent Second Loan Promissory Note?

To fill out the Home Owner Assistance Program Silent Second Loan Promissory Note, individuals need to accurately provide information such as the borrower's name, the loan amount, the terms of repayment, and any relevant property details. It is important to review the form carefully for completeness and accuracy before submitting it.

What is the purpose of Home Owner Assistance Program Silent Second Loan Promissory Note?

The purpose of the Home Owner Assistance Program Silent Second Loan Promissory Note is to provide financial support to eligible homeowners by offering a secondary loan to cover down payments or other home-buying costs. It aims to make homeownership more accessible and affordable for individuals and families.

What information must be reported on Home Owner Assistance Program Silent Second Loan Promissory Note?

The information that must be reported on the Home Owner Assistance Program Silent Second Loan Promissory Note includes the borrower's details (name, address), the loan amount, interest rate (if applicable), repayment terms, property description, and any provisions related to the deferment or conditions for repayment.