Answers (4)
- Greg Cowart, "Roseville Loan Guy"
- Contributions:624
Good morning,
You can still qualify for the HARP program with your 2nd mortgage, but you can not include that 2nd mortgage in the HARP payoff. The new HARP mortgage will only pay off your first mortgage and you would have to have the 2nd mortgage subordinated to the new first mortgage. Most 2nd mortgage lenders are approving subordination requests these days, especially behind HARP loans, because it is in their best interest to help you lower your payment.
As for changing the terms of your adjustable 2nd, have you called them to see if they have anything to offer you? A lot of 2nd mortgage made over the last 10 years have provisions that allow you to fix part, or all of the balance at a fixed rate.
Sincerely,
Greg
You can still qualify for the HARP program with your 2nd mortgage, but you can not include that 2nd mortgage in the HARP payoff. The new HARP mortgage will only pay off your first mortgage and you would have to have the 2nd mortgage subordinated to the new first mortgage. Most 2nd mortgage lenders are approving subordination requests these days, especially behind HARP loans, because it is in their best interest to help you lower your payment.
As for changing the terms of your adjustable 2nd, have you called them to see if they have anything to offer you? A lot of 2nd mortgage made over the last 10 years have provisions that allow you to fix part, or all of the balance at a fixed rate.
Sincerely,
Greg
- Ray Blindauer, "SigmaWealth"
- Contributions:411
If your combined loan-to-value is around 80%, you may be able to get another, better 2nd mortgage.
- T.C. Whiting, "TCW at your service"
- Contributions:431
The HARP programs only deal with first mortgages.
- Brian GFL Capital
- Contributions:206
The HARP program will refinance your first mortgage but can not allow for any changes to your second mortgage.
I would like to get out of an adjustable 2nd mortgage.Do I qualify for the harp program with a 1st a
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