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Eric, Home Owner in Florida Center North,...

I have an 80/20 ARM loan on our house. I want to modify the second loan as interest is too high. Will the bank modify?

Asked by Eric, Florida Center North, Orlando, FL Wed Jul 3, 2013

2nd mortgage is 60k at 10.75%. I am paying all interest and havent made a dent in the overall mortgage in 8 years.

Help the community by answering this question:


Hey Eric, good morning!

Best bet would be to refinance the first and second mortgage into one loan at a lower rate. Chances are if you're paying a rate that high on your second mortgage, you can get a much lower overall payment with the two of them combined, perhaps even at a lower term so you're not stretched back out to a 30 year term. Give me a call when you get the chance and I'll be glad to discuss your options with you.

Look for to your call!

Antonio Barnett
Senior Loan Officer
Cell: 614.806.1659
Fax: 813.579.5247
2701 N Rocky Point Dr, Tampa, FL 33607
NMLS# 287888
0 votes Thank Flag Link Tue Aug 13, 2013
Eric, best suggestion is to check with an experience mortgage broker. There are several contributors in this forum that are exceptional.

Take time to contact one and have a conversation with them. A mortgage broker has to be licensed in the State of Florida to be of assistance to you.

Best regards,

Lynn Brock
Brock Realty Inc.
0 votes Thank Flag Link Mon Aug 5, 2013
You may have options through HARP2 or conventional refinance. 727-365-3133. Bridgeview Bank
0 votes Thank Flag Link Sat Jul 13, 2013
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