What lenders re-finance 2nd mortg./home equity loans in NJ w/tax or other liens on property? pls explain?
none of them will here is the long and short of it... No lender will allow you to refi with any tax liens/other leins/ or judgements that are placed against your house. Main reason being that in the even they give you a loan, and you default on payments and thus head towards foreclosure... those leins HAVE to be paid off prior to the bank getting their cut. It is basically asking the bank to take the risk of your liens and them not getting their money. This is especially true in a 2nd mortgage situation... because now, if you default... the order of those paid is liens/judgements, 1st mortgage, then second mortgage. In this market, that pretty much means the 2nd isnt getting paid. However, in this market... a 2nd is tough to come by, even without leins. Best bet (if you have the available equity) is to refi both mortgages, consildate to one... but they will REQUIRE you to pay your leins in order to refi, or in the event that you sell it will be required that it be paid as well
You won't get anyone to refi. a 2nd these days even without the tax or other liens. Best bet is to refi the first & pay off the liens & 2nd when you do. (If you qualify)- Good luck!
This is a simple refinance. You have to decide if you want to refinance the entire mortgage with a new first mortgage or get a second mortgage. A first mortgage will probably be cheaper. During the refinance all liens or any kind an other mortgages will be paid off. You should contact a mortgage broker in your local area. You will find one in your telephone book. He will complete a mortgage loan application and run a credit check to find out what your credit is like as well as your credit score. Based on these two things he can make a decision about what mortgage programs you are qualified for to include the percentage you may get from your house,once the appraised value has been established. I hope this has been of some use to you, good luck. "FIGHT ON"
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