Posted on: 29th Sep, 2009 12:26 pm
we have a second mortgage on our home.
we can not refinace or sell for 5 years.
we are 3 years into it and would like to
refinace are there any new laws that can
help us?
we can not refinace or sell for 5 years.
we are 3 years into it and would like to
refinace are there any new laws that can
help us?
perhaps explain a little more.
what mortgage, first or second, does not permit you to refinance for 5 years???
i know of no laws that presently exist that prevent your from refinancing.
credit scores and income and assets and value of the house might making refinancing possible or not possible, but, what laws prevent you from doing so?
what mortgage, first or second, does not permit you to refinance for 5 years???
i know of no laws that presently exist that prevent your from refinancing.
credit scores and income and assets and value of the house might making refinancing possible or not possible, but, what laws prevent you from doing so?
Why can't you sell? Is it because you don; think you can get enough for the house to cover the mortgages?
Our mortgage is split 80/20
the second mortgage is 20% of loan and our contract
stated that we could not sell or refinance for 5 years.
I wanted to know if there was any way around this so
that we could refinance and combine the two mortgages.
the second mortgage is 20% of loan and our contract
stated that we could not sell or refinance for 5 years.
I wanted to know if there was any way around this so
that we could refinance and combine the two mortgages.
Hi Emma,
If it's stated in your contract that you won't be able to refinance the mortgage for the next 5 years, then I don't think there's any way around. However, you may still have a word with your lender and check if he is ready to modify the terms of the contract and let you refinance.
Thanks
If it's stated in your contract that you won't be able to refinance the mortgage for the next 5 years, then I don't think there's any way around. However, you may still have a word with your lender and check if he is ready to modify the terms of the contract and let you refinance.
Thanks