Financing in Ellendale>Question Details

Eddie1984, Other/Just Looking in Ellendale, DE

My second morgage was for 5 years it is up in 22 months with a 42, 000 dollar payment at the end. I am not behind on any payments and have great

Asked by Eddie1984, Ellendale, DE Sun May 30, 2010

credit, But my house did not appraise high enough to refi. My mortgage company said don't worry we will rollover your second mortgage into a long term loan 2 months before the 42,000 is due. SHOULD I TRUST THIS?

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It is quite common for a lender how currently holds a second mortgage with a balloon to "rewrite" the loan. So that part of this I believe. What is strange is that they want to do it 2 months before the balloon. If I were you, I'd pressure them to get it over with now. They may not be too inclined to do it thinking that rates will be higher in 20 months but so what. If I were you I wouldn't want to leave this to chance.
0 votes Thank Flag Link Sun May 30, 2010
Eddie, that's a loaded question and probably depends on who holds that second mortgage. I would certainly want to get another opinion and I would be happy to refer you to a reliable mortgage consultant if you get in touch with me.

Call me at 302-542-1203
0 votes Thank Flag Link Sun May 30, 2010
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