Posted by Jason on August 21, 2003 at 18:18:24:
This is definately screwed up. Now, if the loan officer or broker says nothing can be done, you will go thru a bunch of crap to get this fixed, perhaps even refinance your second with a more honest broker. Or refinance the first and ask the new borker who does the refinance to get a “subordination” from the second lender. If they give the subordination, they kicked themselves in the rear.
refi on 2nd mortgage - Posted by Gayl M. Moore
Posted by Gayl M. Moore on August 21, 2003 at 09:16:36:
I just signed docs on a refi for my 2nd. , after sigining I noticed that one of the conditions for title insurance is that this loan must record in 1st lien postion. What happens to the orginial 1st?
Re: refi on 2nd mortgage - Posted by Ronald * Starr(in NoCA)
Posted by Ronald * Starr(in NoCA) on August 21, 2003 at 11:06:56:
Gayl M. Moore------------
This sounds screwed up. Call the loan officer immediately. You may have to put in a letter rescinding your signature.
If the loan amount is enough to pay off both first and second loans, then the first loan will be paid off. If it is only enough to pay off he second, the lender will have to agree to go into second position behind the existing first loan.
If the loan officer says that they will do that, get it in writing. You do not want to be accused of loan fraud for agreeing to let the loan go to first position and then having it recorded as a junior.
Good going, being alert. There are lots of errors in real estate documents.
Good InvestingRon Starr****