Posted on: 06th Jan, 2010 09:35 am
i have a fha fixed rate (6%) on my manufactured home on a perminent city lot and a second mortgage (14.9%). with the property value drop, the 2 mortages total the market value of my house. is there any way to refinance the 2 loans into 1 at a lower rate ?
Hi Dave,
From what you've written in the post, I guess you do not have equity in your property. In that case, the lenders won't be ready to refinance your mortgage at a lower rate. If you are facing problems in paying off the mortgage, you should speak to your lenders and check out if they can help you with a loan modification.
Thanks
From what you've written in the post, I guess you do not have equity in your property. In that case, the lenders won't be ready to refinance your mortgage at a lower rate. If you are facing problems in paying off the mortgage, you should speak to your lenders and check out if they can help you with a loan modification.
Thanks