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I need a good Advice,
I have my first mortage which will be adjusting in a couple of month,which i owe $230K and a second mortage at $35k, I am currently still trying to refi and already did my appraisel, appraisel came to $250k, ok great we can refi the first mortgage to a 30 year fix, well finding out that the Second company would not want to subordinate. my broker and myself have tried pleading with this company they would not give a straight answer why they would not want to subordinate. what should I do? any advice would be helpfull.

ADG

brian1 · Posted: Fri Jul 04, 2008 1:44 pm Post subject:

Not much you can do except pay it off. They are well within their rights to say no.
They must think that their position is stronger as is. Meaning that by playing hard ball they are more likely to get paid off?
Most lenders are denying subordination requests.

Good Luck
Brian

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi ADG.

Why don't you pay the second mortgage off? The property value is lesser than what you owe. So you may not be able to refinance and turn the mortgage in 30 year Fixed Rate mortgage if you don't pay the second mortgage off. BTW can tell about your employment history and credit history?

I you can seek for 17 ways to protect yourself from the foreclosure trap from the community professional to know whether you can get approved for refinancing or not.

Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

charlesarmbruster · Posted: Tue Jul 08, 2008 10:40 am Post subject:

Check the index pegged to your contract -- it is possible that your monthly payments may not be rising that much. Also, the loan officer who is supposedly taking good care of you should have briefed you on the possiblility that your two mortgages might total more than the appraised value, preventing you from moving forward with 100+LTV loan-to-value.

Not all adjustable mortgages are bad -- if your note reads low margin and 6-month LIBOR, for instance, your payments may not even go up. Don't be spooked by the 'adjustment' -- find out exactly how much it'll adjust and consider riding through this current interest rate climate until home values bump up again -- then look at refinancing to your advantage.

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Second Mortage would not Subordinate