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With HARP 2 can I refinance first loan and pay off 2nd loan?

Profile picture for JEK5
Does the LTV ratio include the 2nd mortgage?  We owe $265k on 1st mortgage and $54k on the 2nd.  Appraisal came in at $300k.  Issue is that the 2nd mortgage is a 15-year interest only balloon (urgent to get rid of this loan).  But our current refinance offer is only covering the 1st and a portion of the second up to the $300k level, leaving us with $18k on the 2nd.  Can HARP offer me something better? We qualify but are currently working with TCF which doesn't offer HARP.  Any advice would be great.
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February 10 - Minneapolis
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Answers (1)

Profile picture for Courtesy Mortgage

No, you cannot combine your second.   HARP 2.0 only allows you to refinance the primary loan. If you can lower your payments on your primary, you can use that savings to attack the principal more aggressively on your 2nd.

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February 10
 

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