Posted on: 16th Aug, 2010 03:51 pm
first mortgage 390k, and second mortgage 130k. total owed rigtht now is 520k. house would most likely appraise for 500-525k so it is safe to say that overall i am upside down. my first mortgage was a 5 yr i/o that reset and p&i is low right now $1880/month. heloc is prime minus 1% so payment is roughly $300 i/o.
right now payments are affordable and no issues. however, my first will adjust next april and the heloc is due in 2012. my first loan is not owned or guaranteed by fannie mae/freddie mac.
i have a steady job, have no credit card debt, and my credit scores are 710-740.
do i have any options for refinance with 2nd mortgage bringing me upside down?
thanks in advance!
right now payments are affordable and no issues. however, my first will adjust next april and the heloc is due in 2012. my first loan is not owned or guaranteed by fannie mae/freddie mac.
i have a steady job, have no credit card debt, and my credit scores are 710-740.
do i have any options for refinance with 2nd mortgage bringing me upside down?
thanks in advance!
Hi mwlabor!
Welcome to forums!
Unless you've equity in your property, you won't be able to refinance the mortgage. Lenders do not refinance the loan if you don't have equity in the property. You can contact your first lender and apply for a refinance but it would be his discretion whether or not he would grant you the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you've equity in your property, you won't be able to refinance the mortgage. Lenders do not refinance the loan if you don't have equity in the property. You can contact your first lender and apply for a refinance but it would be his discretion whether or not he would grant you the loan.
Feel free to ask if you've further queries.
Sussane