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1ST MORTGAGE VS 2ND MORTGAGE

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SHARON9946 Joined: 16 Jul 2009 Posts: 1 1.32 Dollars($)	Posted: Thu Jul 16, 2009 7:49 pm    Post subject: 1ST MORTGAGE VS 2ND MORTGAGE Like 0 Dislike 0 DO YOU HAVE TO PAY OFF A 2ND MORTGAGE BEFORE YOU PAY OFF THE 1ST MORTGAGE IN A REFINANCE?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Fri Jul 17, 2009 8:32 am    Post subject: Like 0 Dislike 0 no, sharon; each would be paid off at the same time. did i understand you correctly? _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
robertsmith2005 Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)	Posted: Fri Jul 17, 2009 11:34 am    Post subject: Like 0 Dislike 0 do you want to go for refinance? if that is the case, you can consolidate loans by refinance. you are answerable for payment of both the loans The interest rates on a second loan are higher to that of the first loan. This is primarily because if you default, you will be paying off the first loan prior to that of the second and as such there is a risk involved in offering second mortgages.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Fri Jul 17, 2009 12:14 pm    Post subject: Like 0 Dislike 0 oh my... _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
karey Guest	Posted: Thu Feb 03, 2011 7:45 am    Post subject: 1st mort 2nd mort Like 0 Dislike 0 My 2nd is not willing to modifty...but my 1st mort has? The 2nd has a high interest rate and Im struggling to pay it and may file bankruptcy. What should i do
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Fri Feb 04, 2011 12:02 am    Post subject: Like 0 Dislike 0 Hi karey, You should keep on negotiating with your second mortgage lender and check out if he considers your loan modification request now. In case, he doesn't consider your request, then you may think of filing bankruptcy. Thanks

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