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Can I refinance a 2nd that pushes both my mortgages over my homes value by 10K?

I have a 1st at 5.75% with 133K remaining. I took out a 2nd two years ago due to some medical issues for 77K at 12.25%, knowing that no problem, my house is worth it, I can refinance after a couple years. Well, 2 years later my home's value has dropped to $10K below what my mortgages total. Can I refinance/consolidate into one loan for the full over- value amount? Can I refinance just the 2nd with the value of my home less than the mortgages now? (I've not missed any or been late on either mortgage's payments, but I had really planned on refinancing at a lower rate three years into the loan. I'm going to have a lot of trouble if I can't refinance soon. What are your thoughts, suggestions?
  • December 18 2008 - West Cloverdale
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Answers (4)

Modify the 2nd mortgage.  Especially with the economy being in the dumps right now the banks maybe willing to modify it for you.  DON'T PAY ANY MOD COMPANIES do it yourself! it's not that hard.  Email me with any questions you may have! dreyes@mercuryfinancialgroup.com
  • December 18 2008
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  • dd
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Try getting a home equity to pay off the 2nd and with a good credit score they "should have" more interest.
  • December 18 2008
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You wont be able to do that.  The mortgage guidelines wont allow that.  You may need to get a loan modification.
  • December 18 2008
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Profile picture for Rob Cochems
Being that you are upside down with your 2nd mortgage.  You will need to contact your 2nd mortgage company and see if they would be able to do one of the following.

1.  Refinance or modify the 2nd into a lower rate
2.  Forgive a portion of your debt and allow for a short refinance.

  • December 18 2008
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