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 Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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 Posted: Mon Apr 13, 2009 10:34 pm Post subject: How Refinance my Second Mortgage |
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Any suggestions on how to refinance my second Mortgage.
I owe close to $88k on my second and my house valaue is down under water.
How can negotiate with them to atleast reduce my interest rate. I am paying close to 8% on my second. |
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Niicss
Joined: 03 Oct 2005
Posts: 3237
Location: New Jersey
510.78 Dollars($)
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| Posted: Tue Apr 14, 2009 2:02 am Post subject: |
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Hi Realgeni,
The lender will refinance the property only if there is equity in the property. As far as I can understand your situation, the property does not have equity. You can request your lender for a loan modification if you are delinquent on your mortgage payments. In this process, the lender may reduce your interest rates and increase the loan term.
Thanks.
_________________
Good is the Enemy of Great. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Tue Apr 14, 2009 6:54 pm Post subject: |
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I do not want to stop makign payments on my loan, since it will afect my credit scores.
I wanted to know if there are any options to make the lender help me reduce the interest rate on the house. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4515
Location: Alaska
440.39 Dollars($)
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| Posted: Tue Apr 14, 2009 9:20 pm Post subject: |
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Hi Realgeni!
Welcome back to forums!
Yes, late payments would effect your credit score. If you are facing hardship in paying the mortgage dues, you can request for a loan modification. If the lender accepts your request for a loan modification, he would reduce the interest rates but the term for paying off the loan would increase.
Feel free to ask if you have further queries.
Sussane |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Thu Apr 16, 2009 9:21 pm Post subject: |
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Thank you.
I have called the lender and they cannot do any modifications, since I am current on my loan. |
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Mariela
Guest
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| Posted: Tue May 12, 2009 4:01 pm Post subject: Refinancing Second Mortgages |
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| Can I refinance my second mortgage without refinancing my first one? |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Tue May 12, 2009 4:15 pm Post subject: |
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| Probably difficult, but may be an option if both the loans are with the same lender. |
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