can i refinance my second mortgage

judieb · Joined: 02 Feb 2008 Posts: 1 1.30 Dollars($)

my second mortgage payment is 893 a month at 14% for 30 years. I need to refinance if possible

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Judieb,

Welcome to the forum.

It actually depends. How long gave you taken the second mortgage? It needs to be more than 12 months to refinance a second mortgage.

How much do you still owe to the lender? Do you want to combine the second mortgage and the first mortgage?

Best of luck.
Larry

Guest 0.10 Dollars($)

we've only had the loan for a few months but we are 2 months behind and are having a hard time making that payment since my husband has recently received a pay cut. What happens when you default on the second. I don't understand how they can foreclose on your house. Thanks for getting back to me so quick

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Judieb,

Welcome back.

Generally if you default three months consecutively, the lender will send you a default letter and he may go for foreclosure. So you need to talk to the lender ASAP and inform him about your problem.

Refinance may not be possible. But you can ask him for mortgage modification as your husband "has recently received a pay cut."

Hope it helps.

Feel free to ask if you have any further questions.

Best of luck.
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

The lenders all have work out plans. Here is an example and they all work about the same.

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