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If you are qualifed to refinance, then you would be able to refinance and have only one payment.
I think you just may have answered your own question, without realizing it.
Just know that if your current 2nd mortgage is not a purchase-money home equity loan, then your loan will be classified as a cash-out refinance, regardless of how long you have had your 2nd mortgage.
The key is in the qualification. It's not as easy as it used to me, stimulus or no stimulus.
Good luck.
You would need to contact your current servicer, in so far as this program.
http://www.financialstability.gov/
Good luck!
In retrospect, I should have left my opinion out, from the start.
I think about the 1000s of calls and emails I fielded, back in 2007 and 2008, when homeowners were scrambling for options, as credit markets were drying up. Lending options were so few. I ended up donating almost 1000 hours of my time during that period, providing foreclosure counseling as it was about the only thing I could do for my clients, friends and even family members, without any compensation whatsoever, as there were virtually no lending options, and I was so entrenched in my local area.
I remember the frustrations of not being able to help out honest, hard working homeowners, because their home values were dropping so fast and they were looking for answers. The banks were shutting down wholesale credit lines as homeowners were scrambling, as their equity was vanishing right before their very eyes.
I could go on... but it's depressing, Jimmy.
We survived through this, and my family is safe, at the moment. But surviving didn't come without having to make some touch choices and incredible sacrifices. Americans are having to make some tough choices right now, and I know because I've had to make them too.
So anything I can do to help... that is why I am still in the mortgage industry. Not to get rich, but to get on with life, hopefully recover a bit, and use my knowledge, skills, and abilities to help as many families as I can, before it's too late.
Appreciate it if we could close/turn off this particular discussion, as it seems to have drifted off-topic. (Good neighbor policy).
I am in receipt of Fannie Mae and Freddie Mac Seller's guidance regarding the Home Affordable Refinance (HAR) program.
The real details are in the Fannie Mae and Freddie Mac guidance, which I received copies of late this afternoon; whereas the Federal Government guidance is more generalized and vague, but covers the important features of each program and was released early this morning.
I'm sure that there are currently several more discussions about this very same topic.
Thank you for your comments and interest.
Warmest regards to everyone,
Rob Robertson.
Lender rating
Since January 2009
A 2nd mortgage cannot be rolled into the 1st mortgage under the refi plus or the DU Refi plus program. If the 2nd lien holder will subordinate there are no CLTV limits.
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Guidance from the Government: "Making Home Affordable Refinance and Modification Options"
Rob Robertson, "Mortgage Broker"
San Jacinto, CA
Contributions: 169
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If you have a Freddie Mac or Fannie Mae 1st mortgage, are current on your payments, and have equity, you can call the phone number on your mortgage statement and ask for a refinance.
If you do not qualify for the refinance program, you may qualify for the "Making Home Affordable Modification," for those of you who can answer yes to these simple questions:
Your equity position is irrelevant with the Modification program, which may help save millions of families from losing their homes, especially within the hardest hit areas of the United States. You will have to be able to document your income.
Here's the link to the government website: http://www.financialstability.gov/makinghomeaffordable/index.html
Hope this helps!Good luck!
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