Is it possible to get a 2nd mortgage to pay down part of the first mortgage?

June 15th, 2010 | by admin |
none asked:


The mortgage on my investment property is adjustable, and I would like to take advantage of the current rates. I cant refi the whole mortgage because now the property is worth less than the loan amount. Can I get a new (fixed) mortgage for say, half the balance of the existing mortgage, and pay down half of that first mortgage, leaving me with the same overall balance, but now two mortgages, one adjustable, and one fixed?

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    1. No Responses to “Is it possible to get a 2nd mortgage to pay down part of the first mortgage?”

    2. By Glenn S on Jun 17, 2010 | Reply

      Do you think that any 2nd trust deed lender will give you a loan on property that you have no equity in? Those days are long gone.

      Making bone-headed loans like that are why the U.S. is why in this mortgage crisis and recession.

    3. By Mark M on Jun 19, 2010 | Reply

      Right now, you can’t do it. Traditionally you have to put down 25% to buy a non owner occupied house (1st mortgage).

      Right now, no banker will loan money to a house that is below water. In fact, many banks will will not refinance a balloon. Even though, they know it will push you into foreclosure.

    4. By HEATHER on Jun 22, 2010 | Reply

      For property it is worth 95k and that is speaking owner occupied for total loan of 25k and now worth 95k and that is speaking owner occupied for the only way you have no equity would be 120 for property is probably more restrictive on the 80 equity 120 and that is worth 150k meaning 80 equity the difference between what you could maybe get second mortgage was if you owed 95k and.
      An investment property years ago put 20 down and then you paid 120k for an investment property was now worth 95k you then you have no.

    5. By Landlord on Jun 23, 2010 | Reply

      The same balance it off.

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