Posted on: 13th Apr, 2009 10:34 pm
any suggestions on how to refinance my second mortgage.
i owe close to $88k on my second and my house valaue is down under water.
how can negotiate with them to atleast reduce my interest rate. i am paying close to 8% on my second.
i owe close to $88k on my second and my house valaue is down under water.
how can negotiate with them to atleast reduce my interest rate. i am paying close to 8% on my second.
Hi Realgeni,
The lender will refinance the property only if there is equity in the property. As far as I can understand your situation, the property does not have equity. You can request your lender for a loan modification if you are delinquent on your mortgage payments. In this process, the lender may reduce your interest rates and increase the loan term.
Thanks.
The lender will refinance the property only if there is equity in the property. As far as I can understand your situation, the property does not have equity. You can request your lender for a loan modification if you are delinquent on your mortgage payments. In this process, the lender may reduce your interest rates and increase the loan term.
Thanks.
I do not want to stop makign payments on my loan, since it will afect my credit scores.
I wanted to know if there are any options to make the lender help me reduce the interest rate on the house.
I wanted to know if there are any options to make the lender help me reduce the interest rate on the house.
Hi Realgeni!
Welcome back to forums!
Yes, late payments would effect your credit score. If you are facing hardship in paying the mortgage dues, you can request for a loan modification. If the lender accepts your request for a loan modification, he would reduce the interest rates but the term for paying off the loan would increase.
Feel free to ask if you have further queries.
Sussane
Welcome back to forums!
Yes, late payments would effect your credit score. If you are facing hardship in paying the mortgage dues, you can request for a loan modification. If the lender accepts your request for a loan modification, he would reduce the interest rates but the term for paying off the loan would increase.
Feel free to ask if you have further queries.
Sussane
Thank you.
I have called the lender and they cannot do any modifications, since I am current on my loan.
I have called the lender and they cannot do any modifications, since I am current on my loan.
Can I refinance my second mortgage without refinancing my first one?
Probably difficult, but may be an option if both the loans are with the same lender.