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Put 2 mortgages together!

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sandman1492 Joined: 26 Jun 2008 Posts: 2 1.70 Dollars($)	Posted: Thu Jun 26, 2008 2:45 pm    Post subject: Put 2 mortgages together! My two mortgage are on the same home. We would love to put them together but the value of the home has gone down. our interest is 6.75 on the main mortgage and 10.5 on the second one. Would it be a little less a month if we could consolidate the two mortgages.
brian1 Community Experts Joined: 14 Jun 2008 Posts: 322 Location: Northern California 55.16 Dollars($)	Posted: Thu Jun 26, 2008 6:57 pm    Post subject: Yes but is there enough equity to do it? If your loans add up to less than 95% of the value of the home you may be able to qualify for an FHA loan. If it adds up to more than the current market value you will need to ride it out as no one will do a loan for more than the alue. Hope THis Helps Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Need quick advise email or PM Glad to help
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Fri Jun 27, 2008 1:51 am    Post subject: Hi sandman. Welcome to the forum. How long ago have you taken the mortgage/home loan? when you buy a mortgage you can refinance it at least after a year. How much is the appraised value of the property now? How much do you owe to the lender?
sandman1492 Joined: 26 Jun 2008 Posts: 2 1.70 Dollars($)	Posted: Fri Jun 27, 2008 8:51 am    Post subject: 2 mortgage home We have been on this mortgage for 2 years!
brian1 Community Experts Joined: 14 Jun 2008 Posts: 322 Location: Northern California 55.16 Dollars($)	Posted: Fri Jun 27, 2008 6:04 pm    Post subject: How much do you owe and what is the home worth now? Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Need quick advise email or PM Glad to help

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