Posted by Mike on May 02, 2003 at 10:30:48:
Mike,
You don’t tell us what your house is valued at, so we don’t know your expected LTV (Loan To Value).
In most cases when a borrower re-finances their house, they get a new FIRST, paying off the
SECOND, consolidating the two.
The only way you’ll be able to pay off the FIRST without paying off the SECOND, is if the SECOND
agrees to subordinate. Unless it was a precondition and written when you got the second or you’re
doing a rate reduction first with no cash out. That’s not going to happen.
Ed Garcia
Thanks Ed, I actually tried to call you yesterday at your listed number and couldn’t get through. My house is valued based on comps. in the area at 140K.
Need a creative helping hand - Posted by Mike
Posted by Mike on May 02, 2003 at 08:19:09:
I would like to refinance my own property. I have a second. I had a discharge on chapter 7 2.5 years ago. Would like to get out 120k. I owe on my first 91000 at 6.5%. I owe on my second 20500 @ 11.125%. I guess this means it would be an FHA loan. I know I can’t refi to combine the two with FHA. Any suggestions I could do with the second as far as dropping that interest? Obtain another second? Refi the first only and get a new second to combine some bills? Any help would be appreciated, thanks.
Re: Need a creative helping hand - Posted by Ed Garcia
Posted by Ed Garcia on May 02, 2003 at 09:25:37:
Mike,
You don’t tell us what your house is valued at, so we don’t know your expected LTV (Loan To Value).
In most cases when a borrower re-finances their house, they get a new FIRST, paying off the SECOND, consolidating the two.
The only way you’ll be able to pay off the FIRST without paying off the SECOND, is if the SECOND agrees to subordinate. Unless it was a precondition and written when you got the second or you’re doing a rate reduction first with no cash out. That’s not going to happen.
Ed Garcia