How Refinance my Second Mortgage

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Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Mon Apr 13, 2009 10:34 pm    Post subject: How Refinance my Second Mortgage

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.
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 3237
Location: New Jersey
510.78 Dollars($)
PostPosted: Tue Apr 14, 2009 2:02 am    Post subject:

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.

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Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Tue Apr 14, 2009 6:54 pm    Post subject:

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.
Icon Mini Profile smithsussane
smith.sussane



Joined: 18 Sep 2008

Posts: 4515
Location: Alaska
440.39 Dollars($)
PostPosted: Tue Apr 14, 2009 9:20 pm    Post subject:

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
Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Thu Apr 16, 2009 9:21 pm    Post subject:

Thank you.

I have called the lender and they cannot do any modifications, since I am current on my loan.
Mariela

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PostPosted: Tue May 12, 2009 4:01 pm    Post subject: Refinancing Second Mortgages

Can I refinance my second mortgage without refinancing my first one?
Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Tue May 12, 2009 4:15 pm    Post subject:

Probably difficult, but may be an option if both the loans are with the same lender.
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