Posted on: 02nd Jun, 2012 07:32 pm
just joined the forum thanks in advance. i have a question or two. my situation is i have two mortgages on my home. both in good standing. the value of the house has declined such that both loans equal about %110 of the both loans. the second mortgage is a heloc. it is coming due in 3 years. i'm not sure how i can come up with the money currently owed. i would like to refi the heloc to a new fixed 15 or 30 but am trying to gain knowledge first.
my question is wouldn't the second mortgage [ heloc ] be very inclined to agree to doing a refi to a fixed rate conventional 15 or 30 year as apposed to the possibility of having to foreclose when in fact because they are the jr lien holder they would wind up with nothing after the first mortgage walked away with most of it. also.. i have excellent credit. 780... never late on anything. steady income. it would seem agreeing to a refi would be considered far less risk than risking me not be able to pay it off in 3 years would it not??
thanks!!
my question is wouldn't the second mortgage [ heloc ] be very inclined to agree to doing a refi to a fixed rate conventional 15 or 30 year as apposed to the possibility of having to foreclose when in fact because they are the jr lien holder they would wind up with nothing after the first mortgage walked away with most of it. also.. i have excellent credit. 780... never late on anything. steady income. it would seem agreeing to a refi would be considered far less risk than risking me not be able to pay it off in 3 years would it not??
thanks!!
hi powerpc,
a lender, whether first or second, will give you a refinance only when you have equity in your property. depending upon what you've mentioned, i don't think you've equity in your property. so, it will be difficult for you to get a refinance though you've good credit scores.
a lender, whether first or second, will give you a refinance only when you have equity in your property. depending upon what you've mentioned, i don't think you've equity in your property. so, it will be difficult for you to get a refinance though you've good credit scores.
Hi powerpc!
Welcome to forums!
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html .
Sussane
Welcome to forums!
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html .
Sussane