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Is there a program out there that will allow MHA applicants to refiance both 1st & 2nd mortgages?

I am recently divorced. My children & I remain in the house, ex is still on the note. I applied for a modification and found out I can't include my existing HEL in the refi. I am almost positive I will be over 100% LTV since both loans were originated in 2005. I can't continue to pay both under the terms of the notes, the payments are too high. My ex is now unemployed- so I get minimal child support...ANY suggestions?? My credit has also been demolished because when he left- he stopped paying everything! I tried to keep up but when you have to decide- credit card or groceries- it's tough!! I have no more unsecured debt- I paid it all/settled some.Thank you!!
  • March 31 2011 - US
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Answers (2)

They have programs under MHA that determine if a benefit exists to modify the terms of both loans - If not, it lets you know if it is excessive forebearance or suggests a short sale if their is still equity in the house for the first mortgage - the second dies with the short sale and the second lien gets about 2k on a short sale.many are settling the seconds for 15 cents on the dollar and than modifying the first
  • April 02 2011
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Unfortunately no way to cosolidate a 1st and 2nd mortgage in your situation. 

Groceries and a roof over your head are your priorities.  You may want to look for rental oportunities and short sell the house.  Don't let trying to keep a house add to the stress of what you  are currently going throgh. 
  • March 31 2011
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