Request advise in combining two mortgages into one

Dear Tovachi, it is going to be an uphill battle to get your home refinanced given the current value and amount owed. My suggestion is to contact the lender directly and tell them you are having trouble making your payment. See if they will consider modifying your mortgage(s). Remember, do not pay groups or individuals a fee to help you modify your mortgage. Go directly to your lender(s) yourself. Ken Baltes

I agree with Ken. The problem you face is the lender will be willing to sell off the loan at a huge loss at foreclosure sale, but they wont take the loss to help you and your family stay in the house. This very fact, is why you need to tread lightly when dealing with the bank. I worked for a loan mod attorney when they were still legal to do so, and I seen it all. Illegal foreclosures, banks lying, forgery, ect. Each time you call, I would record it, take notes and make sure you have a log of each reps name and time/date you called. Chances are the bank wont help you. They make more money on the foreclosure. Never, stop making your payments, even if they rep at the lender says they cant help you without being delinquent. If you cant stay on top now, once you are 3-4 months down on your payment, you wont be able to catch up and you will be sure to lose the home. You can try going to NACA, they are the only true, free course of action. Keep in mind, your neighbor with exact same circumstance as you, same house, same loan, same income, will get a mod and you wont. Its all chance and case by case. Try to eliminate your other debt first. You can clear up collections or credit cards past quicker than having a foreclosure on your record. Good Luck

There are programs for homes that are valued "under water" -that is, more is owed than the property is worth, but yours exceeds those parameters. Refinancing won't work since banks sell their loans to FannieMae or another GSE they won't find a buyer for yours. See if your present lender will "recast" your first mortgage into more favorable terms and payments without refinancing. Ditto for the second mortgage. They may say no but it's a cheap and easy thing to try.