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Answers (4)
- James Peters, "JamesRPetersSr"
- Contributions:98
I can help please contact me. There are some more questions I would need to ask but this is something I can definitely do.
- DublinRes
- Contributions:4
Thank you Justin.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Your best chance would be if the primary loan was a Fannie Mae High Balance or Freddie Mac Super Conforming Loan that is eligible for HARP refinance. HARP refinance allows unlimited Combined Loan To Value.
The problem is that those types of loans only began in 2008 and to be eligible it must have sold to Fannie or Freddie before June 2009, so it is a very small window.
If it doesn't fit this profile, then I do not know of any programs that would allow you to have an upside down CLTV. You have to understand from the new primary lender perspective, statistics indicate a far greater chance of default for overleveraged scenarios where the underlying loans are not fully ssecured by the subject properrty. It would not be prudent lending for a new lender to get involved in that scenario.
Assuming you don't meet the HARP eligibility, and depending on your property value and liquidity, you might also be able to look at paying into principal (either on new first or existing second) to bring your CLTV to an acceptable level for new primary financing.
The problem is that those types of loans only began in 2008 and to be eligible it must have sold to Fannie or Freddie before June 2009, so it is a very small window.
If it doesn't fit this profile, then I do not know of any programs that would allow you to have an upside down CLTV. You have to understand from the new primary lender perspective, statistics indicate a far greater chance of default for overleveraged scenarios where the underlying loans are not fully ssecured by the subject properrty. It would not be prudent lending for a new lender to get involved in that scenario.
Assuming you don't meet the HARP eligibility, and depending on your property value and liquidity, you might also be able to look at paying into principal (either on new first or existing second) to bring your CLTV to an acceptable level for new primary financing.
Refi 1st mortgage with HELOC subordinated?
I have a 1st jumbo mortgage and a HELOC on my residence. The combination of both debts exceeds the value of the home. Assume I can get the HELOC subordinated for the refi, is there a lender out there who would allow a refi of the 1st mortgage in my situation?
Thank you.
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