Answers

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?

Best Answer:

you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum

Answers:

John the helper - 2008-01-22 16:33:00
My best advice is to consult an experienced mortgage broker on this question. I hope that you can because rates are far below 7.25% currently making it a great time to refinance. Go to http://www.MyMortgageSaver.com to have a local mortgage broker contact you. Good Luck, Jon

Steven L - 2008-01-20 19:27:27
No. I wish there was more to say but there isn't. If anyone offers to do it for you run away fast, they are liars.

Debt Guru - 2008-01-22 18:26:24
Sorry, but you have over extended yourself. You don't even have enough equity. No point. Check here for more info: http://www.bills.com/home-refinance/