Posted on: 01st Mar, 2010 09:34 pm
are financial institutions currently refinancing 1st mortgages (that are still below the properyt's total value)? in addition, we have a second mortgage that throws the total over the current property value? trying to find if a bank will refinance just our first mortgage?..thanks in advance.
You can refinance through an FHA loan and subordinate your second mortgage but, the second mortgage lender will have to agree to stay in second position.
Thank you! Would I have to contact them directly or does that happen as part of the refinancing process by the new lender?
It will be part of the refinance process with your new lender.