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2nd Mortgage puts home under water

When I bought my home in 2007, we had taken out a HELOC to help with down payment and other hom improvements. At the time the HELOC was 89% LTV. Now that the home is undervalued due to the home crisis I cannot refinance this HELOC. 
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October 23 2012 - US
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Answers (2)

Yes, you can only refinance a HELOC if there is value in the home, since your home has no value (is underwater), refinancing it is not possible. Contact your lender to see if they have any programs they offer for your situation. Lenders have many programs available to borrowers, you just have to ask for them. Lenders do not want borrowers to be in a bad situation with their loan and will do what they can to help (because it is in their best interest).
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October 23 2012
correct .....best  ( if not only ) option is to  try to  contact present lender to see if they can offer any better terms

best of luck
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October 23 2012
 
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