Posted on: 25th Apr, 2011 12:27 pm
first mortgage 164,000. value of home is 200,000. second and third mortgage together are 65000. first mortgage interest is 5.85%. that's fine. but second and third is 10.75% and i can't afford to pay that interest. no one will refinance because together i am at 115% of value. what do i do?
Hi wallyemerson!
Welcome to forums!
As you don't have equity in your property, you won't be able to get a mortgage refinance. In such a situation, you will have to pay off the mortgage in full. Or else, you will have to sell off the property through a deed in lieu of foreclosure if you want to get rid of it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you don't have equity in your property, you won't be able to get a mortgage refinance. In such a situation, you will have to pay off the mortgage in full. Or else, you will have to sell off the property through a deed in lieu of foreclosure if you want to get rid of it.
Feel free to ask if you've further queries.
Sussane