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Answers (6)
Best Answer
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Yes, they can. The 2nd mortgage lender has to agree to subordinate their lien position to the new 1st lien and it also has to fit under the new 1st lien's guidelines.
But it's not usually an issue and we do them all the time.
Let us know if you have any more questions or want to know any specifics.
Sincerely,
Greg
But it's not usually an issue and we do them all the time.
Let us know if you have any more questions or want to know any specifics.
Sincerely,
Greg
- Scot King, "CAMtgBrokerCPA"
- Contributions:30
You need to check and see if you are in the Fannie or Freddie database and if your loan went there prior for June 1, 2009. If so, then doing the resubordination should not be a problem.
Let me know if you need help with this.
Scot
Let me know if you need help with this.
Scot
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Dina,
Even though the combined loan to value ratio is over 100% with the 2nd mortgage figured in that DOES NOT necessarily mean you can't refinance your first mortgage. We see this all the time and it's rarely a problem. Especially these days as a lot of the 2nd mortgage holders have expanded their guidelines to make it easier to refinance.
Sincerely,
Greg
- dadibel
- Contributions:2
thanks for the feedback--the 2d does bring the loan over what the house is worth at this time. however, if we could just refinance the 1st that would still bring the payment way down to make things more affordable. I will take this advice into consideration in determining what my next step will be.. thanks again!
Dina
Dina
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
It is possible. They will review the combined loan amounts (or line limit) to your home value. If the second exceeds the value to your property, then it may be a bit difficult to continue. Assuming it qualifies, then the Lender whom will be refinancing your first will request a resubordination to the Lender of the 2nd loan. Again, if they agree to the resubordination, then it will be possible. From my experience, the second loan holders have been more cooperative in granting the resubordination requests.
- SoCal_Engr
- Contributions:5670
Yes, provided...
- The LTV and CLTV of the mortgages are within guidelines.
- The second mortgage is willing to resubordinate.
- You meet the "normal" qualifications for the loan.
- The LTV and CLTV of the mortgages are within guidelines.
- The second mortgage is willing to resubordinate.
- You meet the "normal" qualifications for the loan.
will lenders refinance a 1st mortgage alone, if there is a 2d mortgage on the property?
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