second mortgage question - Posted by Larry

import · July 12, 2003, 4:14am

Posted by River City on July 15, 2003 at 12:21:01:

Don’t agree to subordinate your second mortgage to the first. When they refinance, the new lender will ask you to keep your loan in a subordinate position. Don’t do it. Of course, they can’t get the refinance without it, as then your loan would be in first place.

import · July 12, 2003, 4:14am

Posted by Larry on July 12, 2003 at 04:14:22:

I hold a second mortgage on a property that is being refinanced but they can’t get enough to pay me off. They are getting a much better rate on the new first than what they had but I was hoping to get paid in full on the second. What are my options?? Thanks! Larry

import · July 16, 2003, 6:12am

Re: second mortgage question - Posted by JoeS

Posted by JoeS on July 16, 2003 at 06:12:46:

Try this…get as much as you can from their refi, the difference put into another second once their refi goes through.