Question on 2nd Mortgage

Talk directly to the lender holding the second. If you are on time and under water they should be pretty happy with you as a customer. Simply asking never hurt anything. If you have a purchase money second (taken out at the time you bought the home) you could in theory refi through a relief program. LTV is everything. You could lower the rate on your first if the second agrees to subordinate. Feel free to call me directly with any questions. You can get the governments plan and explinations of the relief programs at http://www.makinghomeaffordable.gov/ Hope this is helpful.

If the second was used to purchase the home, you could do the refi under theHARP program which might allow you to consolidate both loans with no PMI.

There are some new HARP guidelines coming out in the 1st quarter of 2012. I would review these with your lender once they are published.

You need to contact your 2nd lien holder and ask them. WilliamAcres.com

Because all of the HARP 2.0 rules have not been released, it is unknown if there will be an option available for you with HARP. If not, then you will need to work directly with the lender that is holding the second mortgage. There is a good chance that they will tell you "too bad". But keep trying. It will take a lot of determination and persistence on your part. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com