Second Mortgage Refinancing

Yes, you can refinance your second mortgage to save money on your monthly mortgage payments and pay off your house sooner. The Federal Loan Modification Plan, as revised, is designed to assist home owners in this.

The first version of the administration’s Loan Modification Plan was roundly criticized for its long application process and the low percentage of approvals granted. So, it was modified.

The current version of the Plan can help homeowners with both first mortgages and second mortgages. Assistance is even offered to those without employment (unemployed), and subsidies are available to help cover the costs of second mortgage refinancing.

Fannie Mae and Freddie Mac also have policies to assist homeowners who are underwater and threatened with foreclosure. When these issues are doe to a high-interest adjustable-rate second mortgage, refinancing the second mortgage in some cases can eliminate the threat and let a family stay in their home.

Some of the links in the right-hand column of this page lead to applicable information sources.