Can you refinance a sub2 home? - Posted by Jamie

Posted by Rich-CA on June 21, 2007 at 18:08:23:

Sub-2 usually means “subject to the existing financing”.

Can you refinance a sub2 home? - Posted by Jamie

Posted by Jamie on June 21, 2007 at 09:16:37:

I own a home sub2. There is around 15-20k equity in the home. The deed is in my name, but the 1st mortgage is in anothers. Can I pull any of this out now? ANy help will be great.

Re: Can you refinance a sub2 home? - Posted by Jeff W

Posted by Jeff W on June 21, 2007 at 16:15:32:


I think I can shed some light on this for you. I assume when you say you have the property “sub2” you mean subject to the financing that existed when you were put on the deed. So you are on title, but not on the loan, correct? If so, the questions you need to answer are:

  1. Who has been making the mortgage payments?
  2. If you have, then for how long.
  3. How were you making them? Were you paying directly out of your bank account, or were you giving the money to the person whose name was on the mortgage?
  4. If you were paying the mortgage directly for 12 months or more, and you can show documentation of that, then you can probably refinance the loan into your name and take the cash out (of course there are many other factors involved like what is your credit score like, what is your income like, and have you made the mortgage payments on time.)

Re: Can you refinance a sub2 home? - Posted by Michael Steele

Posted by Michael Steele on June 21, 2007 at 09:38:34:


Your post is somewhat vague.
is your situation one of the deed being in your name as a previous spouse was removed?
Probate transfer mabey?
The question a lender would ask is “Why is the deed in your name and the mortgage in another”??? What benifit did that have and whom benifited from it?

How has the pay history been on the mortgage that you wish to refinance?

How is your credit?

why do you refer to it as “sub2” – sub2 what - repairs?

There is much more info you would need to provide to obtain the answers your requesting.

Please contact for more info

Mike Steele