Consolidating 1st and 2nd mortgages

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Where, if possible, can we obtain a new loan willing to consolidate the two without taking any cash out. Yes, you can refinance your mortgage to combine a first and second mortgage debt.Regardless of the terminology, the same basic rules for qualification apply in most cases.Apply for a mortgage refinance loan with your current mortgage lender.

According to the terms of this loan, after ten years the draw period became the repayment period – the next 15 years where you have to pay down the loan like a mortgage.More Mortgage News Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders.There are a certain number of mortgages that will default every year and it is planned for accordingly.our current loans are (1) 30yr fixed @ 5.34% and (2) 30fixed @10% with balloon at 15yrs.We purchased in 2007 for 2,500 and still currently owe 0,000.

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