Home Loans and Support

Re-subordinate 2nd mortgage

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by tim c, Jan 1, 2009.

  1. tim c

    tim c LoanSafe Member

    I have 2 mortgages on my house. My 1st is w/ countrywide for approx $476,000 at 8.35% (adj) and my 2nd is w/ asc for approx $87,000 at 11.25%. My current value on my home is about
    $510,000-$525,000. I am upside down on my mortgage. If i can get asc to re-subordinate, can i refinance my 1st? If i can refinance, does it have to be with c/w? If it doesn't have to be w/ cw, do you have any suggestions? Thank you.
  2. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    What happened originally with the FHA Secure attempt?

    Have you asked CW for a modification instead of a refi? There aren't any closing costs in a modification...........you can apply for a modification if you are facing a hardship.........
  3. tim c

    tim c LoanSafe Member

    We were approved for a mod that locked use in at 8.35% for 5 years. I'll applied again for assist w/ the Dec 1st program but was turned down. Our financal sistuation has changed and the current mod is not enough.
  4. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    you would need to ask whoever you are going through for the refi if it is possible to have the second resubordinate and refi the first alone.
  5. tim c

    tim c LoanSafe Member

    I called CW about refinancing my current mortgage ($476,000 8.35%) w/ them and having my 2nd ($87,000 11.25%) w/ ASC re-subordinate. I was originally told that I could get a FHA loan for 5.5% and have the second re-sub as long as my house appraised for $509,000. I thought GREAT that shouldn't be a problem. I was placed on hold and when the rep returned she told me that she reviewed the program w/ her supervisor and because MY 2nd LOAN WAS NOT A GOVT LOAN MY HOUSE WOULD HAVE TO APPRAISE FOR $ 581,000 OR $566,000 W/ $15,000 OUT OF POCKET. Why does this program require the 2nd to be a govt loan if they are going to re-sub? That doesn't sound right to me. Any suggestions.
  6. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    boy........that is a catch 22..........the government, (FHA, VA) does not back second mortgages...........so I am not sure why they would even say that.....that would mean that anyone who has a second mortgage wouldn't qualify.

    Have you tried asking them if you can modify the loan instead?

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