Posted by Ed Garcia on January 23, 2002 at 09:43:54:
MM,
The only solution would be to either refinance the property and pay the Pre-Payment Penalty or see if their existing lender has some loan programs with a lower rate.
Usually when you refinance with the same lender, that lender, waivers the pre-payment penalty.
Ed Garcia
Doing something about a high 2nd mortgage - Posted by MM
Posted by MM on January 23, 2002 at 09:27:16:
A friend of mine has a really high 15% rate 2nd mortgage on $36K, I believe he is locked into this program for at least 2 years before he can refinance. There is a PPP if refinanced within 2 yrs., but is there any solutions to this high rate?
Thank you in advance.