Posted on: 13th Oct, 2009 07:21 am
They are both conventional loans i am told.
My home appraisal is $180k the loan balances are $177 and 45k. with 7% and 12% rates.
Can I get a 125% freddie mac single mortgage to cover both loans. It no doubt would be several hundreds of dollars less per month in mortgage payments.
My home appraisal is $180k the loan balances are $177 and 45k. with 7% and 12% rates.
Can I get a 125% freddie mac single mortgage to cover both loans. It no doubt would be several hundreds of dollars less per month in mortgage payments.
Th problem is your value of the house is less than what you owe.
So better option is to call your lender and ask for loan modification
So better option is to call your lender and ask for loan modification
the 125% freddie mac relief refinance program does not permit combining a first and second mortgage.
the first may be refinance. the second must be kept and subordinated.
the first may be refinance. the second must be kept and subordinated.
I believe the Fannie Mae DU Refi Plus does allow you to refinance a first and a second into one loan up to 125% of the home value providing you meet all other criteria under that program.
Fannie Mae and Freddie Mac guidelines do NOT permit refinancing a first and second mortgage into one, new mortgage.
The lenders are already accepting a new first mortgage up to 125% LTV. There is no way they will accept additional risk for a new first mortgage that makes their already underwater first mortgage larger than it presently is.
They do permit subordination of the existing second mortgage. It may NOT be included in a new first mortgage as far as DU Refi PLus or Freddie Mac Relief Refinance guidelines.
The lenders are already accepting a new first mortgage up to 125% LTV. There is no way they will accept additional risk for a new first mortgage that makes their already underwater first mortgage larger than it presently is.
They do permit subordination of the existing second mortgage. It may NOT be included in a new first mortgage as far as DU Refi PLus or Freddie Mac Relief Refinance guidelines.