Unfortunately you can not refinace the second mortgage..the only 2 choices you have are to do a Loan Modification on the loan....or refinace the 1st and 2nd together..Here is some information on the process www.newhopemortgagesolutions.com call 1866-611-7725 for uestions.....ask for Angella the owner.
I am very sorry to hear about your situation. I know its stressful, and a very difficult time. You will have to put some money into this procedure if you truly want results. As each homeowner is only allowed one real, true, change the "NOTE AND TERMS " of your existing loan,
Unfortunately the program you are talking about is the "HOPE NOW" program. Two years ago it was throw out as the only "FREE" Loan Modification Program under the Obama "Helping Americas affordablity porgram". It was designed to helo 1,400,000 people. To date July 2009 it has helped 121 people. It is an utter flop. The pro bono attorneys they have negotiating for the homeonwers, are just out of law school. They must complete community services and programs such as this to complete thier BAR. They have absolutely no experience with Bank and Lenders. This is not something you can accomplish successfully alone without the help of an experienced, knowledgeable company that helps the homeowner quailify for the ratios the bank insist you must meet in order to be quailified for a modifiation. Your best bet is to go to www.newhopemortgagesolutions.com
Here is a little piece of what they do...
New Hope Mortgage Solutions is affordable, attorney negotiated (every case gets their own attorney), Legitimate, Honest.
www.newhopemortgagesolutions.com 1866-611-7725
They tell you if you upfront if pre- quailify for a Loan Modification upfront.. Remember you are only allowed one real, true, full term, change your note Loan modification per loan, per lender......it has to be done correct. Never should a homeowner chance doing this alone! EVER...because their negotiations, rate, and payment will be alot less without the empowerment of an attorney. Along with a company (NEW HOPE MORTGAGE SOLUTIONS) that has the knowledge to prepare an outstanding case for the attorney.This is why NHMS is so successful......we have an amazing team. Oyr results are unmatchable, unbeatable, they are 100% ...Dont be fooled by the rest....now Firstly lets go over some product knowledge...
What is Loss Mitigation?
Let's face it, the Maryland Mortgage market and Housing market has had some steep declines over the past year and a half to two years. Along with several changes to lending guidelines, it has become almost impossible for most struggling homeowners to refinance out of their toxic mortgages. Fortunately, struggling homeowners have a chance at getting their mortgage modified by their current lender.
A Mortgage modification is simply a modification to an existing loan made by the current lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term on the loan, a different type of loan or any combination of the three.
Some consumers confuse a loan modification with a forbearance agreement. These are two separate types of agreements. A loan modification is a long term permanent solution for borrowers that show an inability to repay the existing loan, where as, a forbearance agreement is short term relief for those suffering a temporary financial problem.
There are six top reasons that a loan modification will work for you. If any of these apply to your current situation than you are a definite candidate for a mortgage modification. The seven top reasons are as follows;
1. Inability to refinance due to loss of equity, owing more than your home is worth
2. Inability to refinance due to lack of positive credit or late mortgage payments
3. Rate currently adjusting or going to adjust
4. Do you have a "Pick-A-Pay" or Minimum Payment Interest only Loan
5. Suffered a Financial hardship (job loss, pay reduction, medical bills, divorce, etc)
6. Currently Facing Foreclosure
7. Inability to be able to afford your current financial situation.
If any of the above reasons apply to your current situation than you need to attempt a loan modification. You can try it on your own, but I must caution you, only 10% of homeowner submitted loan modifications are successful. This is mostly due to homeowners submitting incomplete loan modification packages.
Another reason for this lack of success is that the homeowner must spend several hours navigating through the phone tree, re-telling their story over and over again. This can be very discouraging on top of the fact that the homeowner must call during normal business hours, usually 9am-6pm. Plus, it doesn't get done with one phone call. There is constant follow up involved and more than likely you'll have to send in information that you have already sent over and over again.
Company's like New Hope Mortgage Solutions LLC are able to navigate through this intricate system of phone trees and incompetent phone jockeys without emotion and get right to the decision maker with speed and efficiency. And when the clock is ticking, that is exactly what is needed.
They realize that when dealing with these complicated and frustrating financial matters, some homeowners may be looking for a more economical solution towards solving this problem.
