What can I do to refinance the interest or loan amount on my second loan?

Asked by emystic72, Elmwood Park, IL Sun May 26, 2013

I purchased my home in 2007 and financed 100% of it. I've been able to refinance the first loan but can't seem to do anything about the second loan since the value of the home is went from 250K to 150K.

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Jorge Vega, Agent, Chicago, IL
Wed Nov 20, 2013

If have already tried refinancing with the lean holder then there is nothing else you can do. Keep checking in with them on a regular basis, conditions change and they might be able to help you in the future.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed May 29, 2013
Not much you can do with the exception of asking your current 2nd lien holder to refinance their own loan.
0 votes
Le Ann Dunne, Agent, Iowa City, IA
Tue May 28, 2013
Your upside down equity is a problem for you. I do not think you have many options. Be careful of lenders who may charge you a lot fees or high interest. Wish you the best!
0 votes
Jeff Nobleza, Agent, Chicago, IL
Mon May 27, 2013
If you have a legitimate hardship and have difficulty paying it you can hire Erik Miles an attorney to try to negotiate new terms. Nothing is guaranteed but he has re-negotiated terms on loans for several of my clients. He can be reached at Miles@LawFirmMiles.com and 312-854-8092.

Jeff Nobleza
Baird & Warner Real Estate
0 votes
JIM Michaels, Agent, Chicago, IL
Mon May 27, 2013
contact Wesley

Our Team | United Equity Mortgage Corp.
15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274
Paul Gondek Senior Loan Originator. NMLS ID 226276
0 votes
Matt Laricy, Agent, Chicago, IL
Mon May 27, 2013
There really isnt much you will be able to do.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Mon May 27, 2013
Unfortunately there are no options based off of your homes current equity position.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Philip Sencer, Agent, Chicago, IL
Mon May 27, 2013
With that drop in value you are stuck. Perhaps have a few agents check the value as you might not be correct.
0 votes
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