Posted by Rich-CA on June 21, 2007 at 18:08:23:
Sub-2 usually means “subject to the existing financing”.
Posted by Rich-CA on June 21, 2007 at 18:08:23:
Sub-2 usually means “subject to the existing financing”.
Can you refinance a sub2 home? - Posted by Jamie
Posted by Jamie on June 21, 2007 at 09:16:37:
I own a home sub2. There is around 15-20k equity in the home. The deed is in my name, but the 1st mortgage is in anothers. Can I pull any of this out now? ANy help will be great.
Re: Can you refinance a sub2 home? - Posted by Jeff W
Posted by Jeff W on June 21, 2007 at 16:15:32:
Jamie,
I think I can shed some light on this for you. I assume when you say you have the property “sub2” you mean subject to the financing that existed when you were put on the deed. So you are on title, but not on the loan, correct? If so, the questions you need to answer are:
Re: Can you refinance a sub2 home? - Posted by Michael Steele
Posted by Michael Steele on June 21, 2007 at 09:38:34:
Jamie
Your post is somewhat vague.
is your situation one of the deed being in your name as a previous spouse was removed?
Probate transfer mabey?
The question a lender would ask is “Why is the deed in your name and the mortgage in another”??? What benifit did that have and whom benifited from it?
How has the pay history been on the mortgage that you wish to refinance?
How is your credit?
why do you refer to it as “sub2” – sub2 what - repairs?
There is much more info you would need to provide to obtain the answers your requesting.
Please contact for more info
Mike Steele