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Answers (5)
- William Metzker, "MrLiam"
- Contributions:210
I'm assuming the second is from B of A. If I were in your shoes, I'd call and tell them what you posted here. You are very likely eligible for a loan modification, and many mortgage bondholders have programs in place for loan mods on seconds as well (examples of bondholders are Fannie Mae, Freddie Mac, Pension Funds, etc.).
It's really worth a call. You'll go through phone hell and you'll have to be patient. If you want help, any HUD-certified housing agency has trained staff on hand to help, for free.
It's really worth a call. You'll go through phone hell and you'll have to be patient. If you want help, any HUD-certified housing agency has trained staff on hand to help, for free.
- Corri Klebaum, "CorriKlebaum"
- Contributions:199
I would conduct a thorough application verifying credit and income qualifies before spending any money on an appraisal. In the case that your 2nd is open-ended and not fixed, have you taken any advances from it in the last 12 months?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
FHA will allow you to combine those 2 loans to 97.75% of appraised value.
I would not rely on Zillow or Tax Assessor as an accurate indicator. It sounds like you are pretty close to being able to squeeze in to FHA, and it would very likely be your best approach if appraisal permits.
You would have to add in a mortgage insurance premium to your payment, however this would be offset and then some from the lower rate compared to your existing rates.
I would not rely on Zillow or Tax Assessor as an accurate indicator. It sounds like you are pretty close to being able to squeeze in to FHA, and it would very likely be your best approach if appraisal permits.
You would have to add in a mortgage insurance premium to your payment, however this would be offset and then some from the lower rate compared to your existing rates.
- Ken_N_Cindy
- Contributions:2
Thanks for the reply...Zillow puts the value @ $220,000...my recent property tax statement's Real MKT Value is $204,000.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Where can I get help combining the 1st & 2nd mortgage into one loan? Currently thru BOA Fanny Mae.
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