NEED ADVICE second mortgage payment is unaffordable, should I sell or can I refinance a second mortgage?

If husband has no income, you may not be able to refi. Consider a sale, if you have equity. If you can not sell, and you have no equity, the second mortgage lender may not foreclose, if you keep up the payments on the first mortgage.

To assess your situation properly, some questions need to be answered. How much are your 1st and 2nd mortgage balances, interest rates, and payments. What do you think your home's fair market value is? What is your gross monthly income from employment? What, if any, income do you have from social security and/or retirement accounts. If you have retirement accounts, what is your vesting, that is, what portion of it can you access? How much cash reserves do you have in checking, saving, and CD accounts? Are you both on the loan? What are your middle FICO scores? Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss your situation. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

More info is needed.

If husband has no income, you may not be able to refi.

Yes there is. Look up a company called Naccha. That may be spelled wrong. However get them on your side - and you are saved!

You can refinance a second mortgage, however if your husband has no income it may be tricky to qualify. Do you know if you would be eligible for a refinance based off of your income alone? We are located in San Diego and deal specifically with refinances, feel free to give us a call at 858-605-0952 to go over your situation in more detail in order to determine if you can refinance to make your mortgage payment more affordable.

In addition to the multitude of questions raised by Blake -- the other question revolves around who has your mortgages. If your first is held by FHA, FreddieMac or Fannie Mae -- there may be way to do something that will make the 2nd more affordable. The same goes for your second, if it is held by one of the big 5 banks. For further assistance, I would suggest contacting my sister company in San Diego at: 855-757-8797.

Terra from Leucadia: Hi, we moved from Carlsbad to Austin, Texas. San Diego is fantastic! I have a client who just refinanced her 2nd mortgage when she got divorced, and they dropped her % rate from 8.350% to 1% for year 1. Then each year, for 5 years, they are stepping it up +1% (Year 1 is 1%, year 2 is 2%, up to year 5 is 5%), then years 6-40 it goes back to her 8.350%. She said that this will allow her to make the 2nd mortgage payment without having to sell the house. Click on my profile to the left, then click on my email address, or feel free to call me tomorrow morning. My direct office # is 512-381-4643. Thanks...Jeff