Comments on: Mortgage Hell!!?

By: Star

Star — Fri, 15 Jan 2010 07:47:54 +0000

Not sure about this. But why not try and pay it off…if not try another company for a mortgage.

By: Donna C

Donna C — Fri, 15 Jan 2010 06:16:14 +0000

Is the second loan an Equity Line? Look into the money merge account. It may save you thousands on refinancing cost, not to mention the time and headache involved.

By: jessie

jessie — Fri, 15 Jan 2010 01:19:40 +0000

thats rubbish , i went to skipton got a 10 yr fixed rate, they too on some debts too. give them a try. good luck x the 10 yr fixed rate is cheaper than 2 yr fixed rate, i got 6.04% for 10 yrs beat that! and yes it is recent my 1st payment is next month

By: David Beasley

David Beasley — Thu, 14 Jan 2010 23:59:28 +0000

Yes. It is possible that the 2nd mortgage lender will NOT SUBORDINATE to a new 1st mortgage.
It depends on lots of things but it boils down to RISK. Are you:
1) behind on any loan payments, credit score dropped?
2) is your house worth MORE or LESS than you owe?
3) can you qualify for a new 2nd loan with that lender based on your paystubs/w-2s
We had a heck of a time gettiing Wells Fargo to subordinate on a house when we got rid of our client’s Option ARM first.
The problem was that, even though she had a 759 score, she did NOT QUALIFY with paystubs/W-2s and STATED INCOME 2nds to do not exist anymore!
We were able to persuade Wells that the new fixed rate 1st mortgage would protect their interest (she would keep the house), so they agreed to the subordination.
Best of luck!