refinancing
This is a discussion on refinancing within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; I currently have a first and second mortgage with the same company. The first mortgage is adjustable and is due ...
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Jul 27th, 2008, 09:25 AM
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#1 |
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refinancing
I currently have a first and second mortgage with the same company. The first mortgage is adjustable and is due to adjust in 12/08 the second is fixed , both loans do not have a pre-penalty payment. My mortgage is upside down the because of the drop in the housing market my mortgage is now more than the value of my house. Because of this I am having a hard time refinancing. I would like to refinance the first mortgage only since I can't refiance both into a 1 fixed rate. Do I have to get a subordination agreement asking permission from my lender to refinance the first mortgage with another company and leave the second mortgage with the them?
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Nov 22nd, 2008, 04:07 PM
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#2 |
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Junior Member
Join Date: Nov 2008
Posts: 4
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Re: refinancing
Depending on your lender, if your rate is about to adjust, you may be able to be approved for a loan modification. With a loan modification, you may be able to reduce your payment and/or the principal to an affordable amount. Call up your lender and request for a loan modification package.
Last edited by wld_team; Nov 23rd, 2008 at 12:23 PM. |
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