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Can I get a second mortgage loan without having equity.

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kgore Joined: 14 Oct 2008 Posts: 1 1.27 Dollars($)	Posted: Tue Oct 14, 2008 4:26 am    Post subject: Can I get a second mortgage loan without having equity. Like 0 Dislike 0 Example: My mortgage balance is $207,000 and it was last appriased at $210, 000; can I get a 2nd mortgage to pay off student loans and do home improvements
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Tue Oct 14, 2008 4:40 am    Post subject: Like 0 Dislike 0 There are no longer lenders who will write a second over 100% _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 435.65 Dollars($)	Posted: Tue Oct 14, 2008 6:04 am    Post subject: Like 0 Dislike 0 Hi kgore, I'd agree with Cedric. I'm afraid you can't get a second mortgage loan if you don't have equity. Considering the financial crisis that the markets have been going through, lenders aren't willing to offer second mortgage to those having no equity in their homes. Regards, Jessica _________________ http://jessica.mortgagefit.com/

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