Posted on: 10th Jun, 2009 03:33 pm
WE have a church with a 1st from US Bank and a second from a hard money lender in California. Can we get rid of the second like some folk are doing in residential?
Yes you can get loan to pay second hard lender from bank. I think bank loans is better than lender loans.
hi melvinjaxsun,
can you explain the situation in a little more detail? in what context have you been trying to get rid of the second mortgage? are thinking of filing chapter 13? is the church facing a foreclosure? or is it that you just want to get rid of the high interest rate the hard money lender is charging?
if you are planning to file chapter 13, the second mortgage could be wiped off. it is possible in case your property value has gone down to such an extent that the second mortgage is no longer secured by the property. this is applicable to residential mortgages. im not sure whether the same is applicable to church mortgages.
if you just want to avoid paying high interest rate on the second mortgage, you can refinance both the loans into a single mortgage. mortgage rates are quite low these days and this is an ideal time to refinance to consolidate the loans. however, there has to be enough equity for you to refinance.
can you explain the situation in a little more detail? in what context have you been trying to get rid of the second mortgage? are thinking of filing chapter 13? is the church facing a foreclosure? or is it that you just want to get rid of the high interest rate the hard money lender is charging?
if you are planning to file chapter 13, the second mortgage could be wiped off. it is possible in case your property value has gone down to such an extent that the second mortgage is no longer secured by the property. this is applicable to residential mortgages. im not sure whether the same is applicable to church mortgages.
if you just want to avoid paying high interest rate on the second mortgage, you can refinance both the loans into a single mortgage. mortgage rates are quite low these days and this is an ideal time to refinance to consolidate the loans. however, there has to be enough equity for you to refinance.
