no, sharon; each would be paid off at the same time. did i understand you correctly?
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.
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.
oh my...
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
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
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