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How Refinance my Second Mortgage

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Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Mon Apr 13, 2009 10:34 pm    Post subject: How Refinance my Second Mortgage Like 0 Dislike 0 Any suggestions on how to refinance my second Mortgage. I owe close to $88k on my second and my house valaue is down under water. How can negotiate with them to atleast reduce my interest rate. I am paying close to 8% on my second.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Tue Apr 14, 2009 2:02 am    Post subject: Like 0 Dislike 0 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.
Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Tue Apr 14, 2009 6:54 pm    Post subject: Like 0 Dislike 0 I do not want to stop makign payments on my loan, since it will afect my credit scores. I wanted to know if there are any options to make the lender help me reduce the interest rate on the house.
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Tue Apr 14, 2009 9:20 pm    Post subject: Like 0 Dislike 0 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
Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Thu Apr 16, 2009 9:21 pm    Post subject: Like 0 Dislike 0 Thank you. I have called the lender and they cannot do any modifications, since I am current on my loan.
Mariela Guest	Posted: Tue May 12, 2009 4:01 pm    Post subject: Refinancing Second Mortgages Like 0 Dislike 0 Can I refinance my second mortgage without refinancing my first one?
Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Tue May 12, 2009 4:15 pm    Post subject: Like 0 Dislike 0 Probably difficult, but may be an option if both the loans are with the same lender.

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