refinance 2nd mortgage underwater

Refinancing a second mortgage tends to be more difficult than a regular refinance. This is primarily because a second mortgage carries more risk for the lender – if for any reason the house is sold or foreclosed, the second lender only gets what’s left over after paying off the first mortgage.

Your mortgage company will need to take steps to either “re-subordinate” your second mortgage or help you refinance your second mortgage at the same time you are refinancing under HARP. Re-subordination just means that your new first mortgage obligation takes priority over the existing second.

7 Secrets to Refinancing an Underwater Mortgage – An underwater mortgage can drag you down. Learn how to refinance and why now is a great time to contact a lender – even if you were previously denied. Recently, I spoke with underwater borrowers who have refinanced, one through a government program and another through his current lender.

Negative Equity Refinancing Instead of Foreclosure – The fha short refinance program has a lot of restrictions. In order to qualify for the program a borrower must: Properties with second loans or home equity. the number of people underwater in their.

How to refinance your underwater mortgage – CBS News – For underwater mortgage borrowers with a solid payment history, HARP, part of the Making Home Affordable Program, might help refinance an underwater mortgage. According to its website, some of the.

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Underwater FHA mortgages can be refinanced via the FHA Streamline. but second lien holders are within their rights to deny the refinance. My second mortgage isn’t backed by Fannie Mae or.

Government Refinance Assistance – Filed under Government Mortgage Financing Programs News, HARP Program Loans or The obama refinance program. Under the new option, as with HARP, the refinance must provide a borrower benefit, such as a lower interest rate.

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December 15, 2014 – In 2010, the FHA offered a program designed to help those who were “underwater” on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions and.

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An underwater mortgage can also be referred to as an "upside-down mortgage" or a "negative equity mortgage." Let’s look at an example of an And recently the government launched a program to help homeowners with underwater mortgages refinance, regardless of how deeply underwater they are.