| Author |
Message |
|
|
 Lornaluv44
Joined: 13 Oct 2009
Posts: 1
1.42 Dollars($)
|
 Posted: Tue Oct 13, 2009 6:30 pm Post subject: can you refi when you have 2 mor |
|
|
| we had2 mortgages one property is in foreclosure and we have family members living in the foreclosure property, but they cannot afford payment of $2500.the bank that took us to court the Judge told them the could not foreclose on the property since they were not the oroginator of the Loan. now the bank in question now want to speed up a process for a short sale which before they foreclosed on us was not willing to help us when we ask them when we saw we were going to have a difficult time keeping up the mortage, while the house was up for sale for the last 3 yrs no offer , we live in another state and now we are in a quandry as to what to do since we will have to help our family members find a place to live but it would be nice if they could stay in the house ,and the mortgage would be affordable for them to pay because they would have to pay rent please advise thanks |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 4327
Location: Hawaii
684.73 Dollars($)
|
| Posted: Wed Oct 14, 2009 2:59 am Post subject: |
|
|
Hi Lornaluv,
It is quite possible to refinance the house while there are 2 mortgages on it. You can refinance and consolidate both the loans into a single mortgage. This can help you reduce your monthly mortgage payments. However, there has to be enough equity in the property to refinance both the loans. You can refinance only if the property is out of foreclosure. So, if the current lender has stopped pursuing foreclosure, you can contact other lenders and check out if a refinance can be done to consolidate the 2 loans. The other option would be to seek a loan modification on the mortgage to make the monthly payments affordable. |
|
|
jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 555
Location: River Edge, New Jersey
130.20 Dollars($)
|
| Posted: Wed Oct 14, 2009 8:30 am Post subject: Foreclosure |
|
|
If the judge said the bank was not permitted to foreclose, why sell? Just because the bank wants you to sell and they only want that because they can not foreclose??
Probably not the most pleasant situation, but, it sounds like one of those cases where the bank can not foreclose because they are not the orignator of the mortgage and do not have the right to do so. If they can not foreclose, perhaps you just live there and do not even have to pay the mortgage???
It appears the judge is not requiring you to sell, the bank just wants you to sell?
With derogatory credit history due to not paying the mortgage, you will not be able to refinance.
_________________
John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
|
|
|
