Do I have any options? (refinance dilemma)

As of right now it does not sound like you would be able to roll both loans into one. You should be able to refinance the 1st and subordinate the 2nd. That way you are getting a better rate on your 1st loan. That is really your only option if you are wanting to lower your payment.

The option you do have is to refinance your first and subordinate your 2nd mortgage. This is trully your only option. Use the money you save on your payment to pay off your 2nd mortgage.

YES!!!! YOU can subordinate your second.. . If you want , email me at yourloanpartnerforlife@live.com your address, and i will pull some comps to see how much underwater you are.. or you can phone me at 602-330-1598 I do most of the states for he harp program... My fees are $895 and your title fees , all rolled in.. no points ,and rates are in the low 4's.

Ok.. so if your loan is owned by Fannie or Freddie, you can refinance the first mortgage under the current HARP 2.0 program. If you have no monthly mortgage insurance, you won't have it on the new one.. if you do have MI, it will be on the new loan, subject to the new lender accepting the original MI certificate. There is no lending program out there when you can combine both mortgages into one if your underwater... if your loan is not owned by Fannie/Freddie, then you can go FHA.. Under FHA, you can refinance the first mortgage, however there is mortgage insurance... although FHA rates are lower than HARP 2.0 rates, the MI is a bit steep, so it will eat up some of your potential savings, but none the less, you lower you payment substantially... in either case, the 2nd will have to subordinate their position, which shouldn't be a problem... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Check to see if your loan is a Fannie Mae at this website - http://www.fanniemae.com/loanlookup/ - or Freddie Mac at this website (https://ww3.freddiemac.com/corporate/index.html). If your loan is either a Fannie or Freddie loan you should be able to refinance the first under the HARP 2.0 program and subordinate the second - which means the second mortgage holder agrees to stay in the second position. Most do. Contact a Lender 411 mortgage professional in your area. They will be able to help you and answer all your questions. Good luck.

Actually I don't think you have any options. Yes your property may qualify for the HARP program, but getting the lender that holds your 2nd to subordinate is a loosing battle. Usually they will only go up to 85% CLTV which will not help you. I have run into this on a regular basis.

HARP 2.0 is your likely answer. If your current first mortgage is owned by Fannie Mae or Freddie Mac, then the HELOC won't matter (assuming they will subordinate to the new first mortgage, and so far, I am not aware of any that have said no. You can find out if your loan is eligible by going to their look-up sites. For Fannie Mae (FNMA) use http://www.fanniemae.com/loanlookup/ For Freddie Mac (FHLMC) use https://ww3.freddiemac.com/corporate/. Or you can work with a local Mortgage Banker/Broker and they will do the look-up for you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I have not had any Lenders, BOA, Wells Fargo, Suntrust, Regions Bank & so on that have allowed any CLTV over 85%. I have 25 files sitting on my desk with 2nd liens and no Lender who will subordinate the 2nd lien. I would like to know which Banks or Lenders are doing the subordinations. I dont even have one Investor that will go above CLTV of 105%.

From what you have written you should be able to refinance under the HARP 2.0 program. You would refinance your first mortgage and subordinate the second as long as your first mortgage is owned by FannieMae or FreddieMac. If you want to talk, I can be reached at 602-312-2192. I am licensed to do loans in Colorado. Before moving to Arizona I owned a mortgage company in Boulder for 18 years.Tom Winberry