Question : Can you refinance a 1st mortgage and 2nd mortgage without equity?
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
- asked by No Equity
All Answers:
Answer #1
No. I wish there was more to say but thereisn't.If anyone offers to do it for you run awayfast, they are liars.
- answered by Steven L
Answer #2
My best advice is to consult an experiencedmortgage broker on this question. I hope that youcan because rates are far below 7.25% currentlymaking it a great time to refinance.Go to
http://www.MyMortgageSaver.com to have a localmortgage broker contact you.Good Luck,Jon
- answered by John the helper
Answer #3
Sorry, but you have over extended yourself. Youdon't even have enough equity. No point. Checkhere for more info:
http://www.bills.com/home-refinance/
- answered by MmmmKay!
Answer #4
you would have to create equity by putting up thethe differance plus probably a bit down as well,looks like that would be a bit of a hefty sum
- answered by Strawberry S
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