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TOPIC: wraparound mortgage
#5379
anil ()
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wraparound mortgage 4 Years, 7 Months ago Karma: 0  
Is there anyone that can tell me if it's possible to refinance a wraparound mortgage?
 
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#5649
RBenm ()
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Re:wraparound mortgage 4 Years, 1 Month ago Karma: 0  
Yes, it is possible to refinance a wraparound mortgage. Usually when a bank refinance you, the bank will refinance only 80% of the value of the property. Example, your home is worth $150,000 since you purchase it in a wraparound mortgage a few years ago. Now you want to refinance the wraparound mortgage, the bank says fine. But the bank will give you only $120,000 financing you at 80%. So, in your case your first mortgage can be paid off with the $120,000 and your second mortgage will move to the first position unless your second mortgage was finance by the seller. And in that case your seller's second can still move to the first position.
 
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#6888
blissadare ()
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Re:wraparound mortgage 4 Months, 3 Weeks ago Karma: 0  
Hello..
If you have any doubts related to the mortgage or loans then there is a great place where you can get the best solutions. I always see the problems answer on one of the website which is best. You can know better by visiting: chattel mortgage | equipment finance .
 
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