Posted on: 12th Jan, 2010 06:33 am
we have two mortgages, 44500 left to pay on first, property value approx 135-145,000, the sencond mortgage has a balance of 24, 223.29 with interest rate of 7.5%, we have about 15,000credit card debt and i would like to refinance the 2nd mortgage adn pay off the credit cards. we are also looking at investing in a 10acre property that has a trailer on it for 109,000. would like to see if we can qualify to purchase that property. the tax value on that land is 134,000 dollars and we do also have 6.75 acreage that has approx 25,000 equity with a balnce of 22,330 dollars on that loan. would appreciate some advice.
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[size=9:d48c14abc5][color=red:d48c14abc5][e-mail address deleted as per forum rules. thanks.][/color:d48c14abc5][/size:d48c14abc5]
hi chart,
rather than refinancing the second mortgage only, i would suggest you to refinance both the first and the second mortgages into one. thus, you would be responsible for a single mortgage. also, you'll be able to pay off some of your credit card debts. as you already have a property in your name with a mortgage on it, you might face difficulty in order to qualify for another loan. however, if you've a good credit score, income and debt to income ratio, then you may get another loan.
take care.
rather than refinancing the second mortgage only, i would suggest you to refinance both the first and the second mortgages into one. thus, you would be responsible for a single mortgage. also, you'll be able to pay off some of your credit card debts. as you already have a property in your name with a mortgage on it, you might face difficulty in order to qualify for another loan. however, if you've a good credit score, income and debt to income ratio, then you may get another loan.
take care.
I agree with Sara. It's very difficult to find second lien financing in today's market.
It will be far easier for you to pay off both mortgages and get a new first lien mortgage
It will be far easier for you to pay off both mortgages and get a new first lien mortgage
