Asked by Tim Murphy, San Francisco, CA • Tue Jan 27, 2009
I would like to refinance my home's second loan, that is with Countrywide. I had a whopping 11% APR, has dropped closer to 8% now since it fluctuates. I've been playing catch-up on my 3 months behind on the mortgage for 1-1/2 years now.
Countrywide doesn't want to refinance because they say that it's an equity line on the home type of mortgage.
Is this true, that I really can't be considered for refinance in terms of the government helping bail me out because this is not the primary loan?
any ideas or options would be greatly appreciated. thank you.
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