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I would like to consolidate my 1st and 2nd, but value is less than loan amount, any suggestions.

  • July 15 2011 - Boulder
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Answers (3)

Hello there,

I was wondering if you - being underwater on the two combined loans, had by any chance contacted the first to see about a loan modification? If you are in a hardship situation you may be able to get one or both loans modified to a lower interest rate. You would need to contact the loss mitigation department of your mortgage lender to see if you would qualify.

Best,
April Neuhaus

  • July 15 2011
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I have three questions for you;
- Why do want to consolidate the loans?
- How do you stand to benefit from the consolidation
- How does the benefits (if any) out weight the cost?
  • July 15 2011
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Only two suggestions that I can think of.  One - pay down the second mortgage or two - refinance your first mortgage to reduce your rate and request your second be subordinated.   

  • July 15 2011
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