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jas256
Joined: 05 Oct 2009
Posts: 1
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| Posted: Mon Oct 05, 2009 5:11 pm Post subject: Second mortgage |
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I have a second mortgage that is at 41K. They want to get it "off their books" and are willing to accept 29K for a payoff on this second. This would automatically give me another 12K in equity. Plus, this second mortgage is at 10% over 30 years currently - which is pretty high, obviously
House appraised at 215K
I owe 205K right now
If I find someone to refinance with new payoff, I would owe 193K
I realize that most lenders will want to refinance both mortgages. So, what are my chances of a lender allowing me to refinance? What other options do I have? |
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m2c
Joined: 03 Aug 2005
Posts: 937
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| Posted: Mon Oct 05, 2009 5:49 pm Post subject: |
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Cash out refinance are the KOD right now on the conventional side; MI companies will not insure them.
Maybe FHA if there's seasoning on the second. |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Thu Oct 08, 2009 2:25 pm Post subject: |
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jas
If you qualify for the DU Refi Plus program, then you CAN refinance withot PMI. Would be a good deal for you. |
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