Posted on: 13th Aug, 2009 02:02 pm
i have been behind on my mortgage for over a year. i have equity and good income. is there anyway to get a second mortgage or refinance with the condition i am in?
Hi broganterence!
Welcome to forums!
As you've defaulted your first mortgage payments, it would be difficult for you to get a refinance or a second loan. You will have to pay off the past due debts in order to bring the first loan current and then apply for a refinance. You have mentioned that there's equity in the property. Did you appraise the property? Moreover, it's quite surprising to me that your lender has not foreclosed the property though you've not been paying your debts for the past one year.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you've defaulted your first mortgage payments, it would be difficult for you to get a refinance or a second loan. You will have to pay off the past due debts in order to bring the first loan current and then apply for a refinance. You have mentioned that there's equity in the property. Did you appraise the property? Moreover, it's quite surprising to me that your lender has not foreclosed the property though you've not been paying your debts for the past one year.
Feel free to ask if you've further queries.
Sussane
You woudl be better off callign your current lender for loan modification
You had mentined that you ahve good income, which helps to show the eldner that you will be able to make payment after the modification
You had mentined that you ahve good income, which helps to show the eldner that you will be able to make payment after the modification
Wife is disabled and receiving disability. I was layedoff after 24 years and we are surviving on about 1/3 of what we used to with my unempoyment. Is there a way to refinance to lower our payment of $1485.00 a month so as to afford to stay here. We're also behind current mortgage by about one full year and in forebearance.
Hi ljr!
Welcome to forums!
Though you are current on your mortgage payments, I doubt whether or not you would be able to receive a refinance as you are unemployed at present. However, in my opinion, it would be a better option to contact your lender and apply for a refinance. He will be able to let you know whether or not you would be able to qualify for it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you are current on your mortgage payments, I doubt whether or not you would be able to receive a refinance as you are unemployed at present. However, in my opinion, it would be a better option to contact your lender and apply for a refinance. He will be able to let you know whether or not you would be able to qualify for it.
Feel free to ask if you've further queries.
Sussane