Consolidation loans

[Anonymous]

Hi,

I was wondering if it's still possible to consolidate our first mortgage and second HELOC if the market has not been favorable ( no equity on the house)? WE owe about $549,900 0n the first and 62,000 on the second, and a house same as ours down the street from us sold for $524,900.00. Thanks for your time.

[Junejer]

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@Anonymous wrote:

Hi,

I was wondering if it's still possible to consolidate our first mortgage and second HELOC if the market has not been favorable ( no equity on the house)? WE owe about $549,900 0n the first and 62,000 on the second, and a house same as ours down the street from us sold for $524,900.00. Thanks for your time.

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What do you think your house is worth? If it's near the $525M that the neighboring house sold for, then I hate to tell you that you are extremely upside down and will not be able to refi. You are going to need to accelerate that mortgage down into a workable range in order to be able to refi.

[ShanetheMortgageMan]

In addition to what ByrdMan laid out, why do you want to refinance your 1st & 2nd?  What is the need to do so?

[Anonymous]

I'm in an interest only loan locked for 10 years and have 8 left. then it changes to an ARM.  I wanted to renegotiate it's terms to a fixed rae so I don't have to stress about it. Is there any programs out there that will allow me to do so?

[ShanetheMortgageMan]

There aren't going to be any loans right now to refinance into, and ask your lender if they would offer you a loan modification (likely they won't because you are not in any immediate need to have your loan modified, however it's still worth a shot) - but you have 8 years left on your fixed rate period, lots of items can happen in 8 years including the value of your home going back up above what you currently owe on your mortgage - so I'd recommend not stressing out about it right now and just continue to pay your mortgage on time, keep tabs on the real estate market, and look into refinancing later on.