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jmitko · Joined: 13 Oct 2009 Posts: 1 1.38 Dollars($)

They are both conventional loans i am told.
My home appraisal is $180k the loan balances are $177 and 45k. with 7% and 12% rates.
Can I get a 125% freddie mac single mortgage to cover both loans. It no doubt would be several hundreds of dollars less per month in mortgage payments.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Th problem is your value of the house is less than what you owe.

So better option is to call your lender and ask for loan modification

jveenstra · Posted: Tue Oct 13, 2009 11:10 am Post subject: Combine Loans

The 125% Freddie Mac Relief Refinance program does NOT permit combining a first and second mortgage.

The first may be refinance. The second must be kept and subordinated.

eric1 · Posted: Mon Oct 19, 2009 11:03 am Post subject:

I believe the Fannie Mae DU Refi Plus does allow you to refinance a first and a second into one loan up to 125% of the home value providing you meet all other criteria under that program.

jveenstra · Posted: Mon Oct 19, 2009 11:11 am Post subject: Refi

Fannie Mae and Freddie Mac guidelines do NOT permit refinancing a first and second mortgage into one, new mortgage.
The lenders are already accepting a new first mortgage up to 125% LTV. There is no way they will accept additional risk for a new first mortgage that makes their already underwater first mortgage larger than it presently is.
They do permit subordination of the existing second mortgage. It may NOT be included in a new first mortgage as far as DU Refi PLus or Freddie Mac Relief Refinance guidelines.

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I have two mortgages