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2nd mortgage

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dzasa256 Joined: 19 Oct 2010 Posts: 1 1.32 Dollars($)	Posted: Tue Oct 19, 2010 6:22 pm    Post subject: 2nd mortgage Like 0 Dislike 0 I contacted my first mortgage and they would not refinance my adjustable because I had a 2nd on th home.....I have been current on all payments and they would not work with me......my house is upside down and I want out before the loan adjusts in four years because they wont do anything then either.....I am afraid of them going after my husbands ira income with is additional to his work income.....I live in florida and I am so confused.....If I stop paying my mortgage what should I do with the $ every month?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Oct 19, 2010 9:17 pm    Post subject: Like 0 Dislike 0 Hi dzasa, As your property is upside down, you won't be able to refinance the loan. The lender will not consider your request to refinance the mortgage unless you've equity in your property. Rather than stopping the mortgage payments, you should contact your lender and apply for loan modification. Thanks

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