Information on Refinancing a Second Mortgage Only

As the subprime fallout continues, many lenders are tightening their rules
for second Mortgages and equity lines of credit. Even then, I see no reason as
to why you should not be able to refinance your second mortgage. If your
current lender does not agree, you should be able to find other lenders who are
willing to offer you good terms and a good rate. The first step is to speak to
multiple lenders. Bills.com makes it easy, just enter your information at: Mortgage Refinance Quote
and you will be contacted by qualified lenders interested in your business.
When you talk to perspective lenders, be sure to ask about a home equity line
of credit (HELOC). You can use the HELOC to pay off your 2nd mortgage,
considering the interest rate is lower (so that your payments will be lower).
After you speak with different lenders, you will also get a better picture of
your chances of successfully refinancing only your second mortgage.



My other suggestion is to try to speak to your first mortgage provider for a

solution. You will need to be aggressive on your part and contact whosoever
concerned, multiple times, until somebody takes the time to listen to you. See
what solutions they will have to offer (if any at all). If you find out that,
even after you speak to multiple lenders and there is no solution then you will
have no choice but to club your first mortgage with the second into one single
loan. You might get a better deal this way.



Lenders and servicers do not like to foreclose on mortgages. Foreclosures cost
more than can be made back, so lenders foreclose only as a way of limiting
losses on a defaulted loan. If homeowners get behind on payments, lenders will
most likely work with them to bring the loan current. In order to do so,
however, the owner must stay in communication with the lender and be honest
about the financial situation. The lender's willingness to help with current
problems will depend heavily on past payment records. If the owner has made
consistently timely payments and had no serious defaults, the lender will be
more receptive than if the person has a record of unexplained late payments.
For those falling behind in payments, or who know that they are likely to do so
in the immediate future, they should contact the lender right away about
meeting to discuss alternative payment arrangements.



For more information on second mortgages, please visit our second mortgage information
page.



I hope the information provided helps you Find. Learn. Save.