Can you refinance a 1st mortgage and 2nd mortgage without equity?

December 7th, 2007 | by admin |
No Equity asked:


I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?

Stacey
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