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Can I get a HARP refinance if I have a second mortgage?

by JRoyce from Midvale, Utah. Mar 28th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes, but keep in mind that even though HARP allows for it, lender overlay's might limit the Combined Loan to Value (CLTV), so not every lender will do it.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 28th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

HARP does allow for a refinance if you have a second mortgage on the property. I even did one for a borrower that had a second and a third mortgage. The real answer is will the second mortgage lender subordinate their position to the new loan. Most will, but sadly, some won't. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 29th 2013
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Scott Memmott (ScottM)
#61 ranked lender in Utah - 1 contribution

As long as your loan is Fannie Mae or Freddie Mac Owned and it was originated prior to June of 2009, yes you can refinance your 1st mortgage even if you have a second mortgage. We just have to submit a subordination request to your 2nd mortgage lender. Our lenders will go to 175% Loan to Value and Unlimited Combined loan to value on HARP 2, so most often I can make these work...You are welcome to email me direct at qualityhomemtg@yahoo.com or call 801-735-6788 for rates and pricing. Scott

Mar 28th 2013
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Charlie Sparks (CharlieSparks)
#1 ranked lender in New Mexico - 399 contributions

YES! The 2nd mortgage must remain in place but you will have the benefit of today's rates when you refinance the first mortgage. You can even shorten your loan term to 15 or 20 years if you want. Call Carlo as he is local to you and sounds like he has much experience with these loans.

Mar 28th 2013
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Cory Ure (coryure)
#46 ranked lender in Utah - 50 contributions

You sure can. I've closed several HARP refinances in the past few months that have had second mortgages. The second simply resubordinates to the new first mortgage. It's not a big deal at all. Give me a call at 801-971-7916 and we can discuss your situation and see how much you'll save. Best regards,Cory

Mar 28th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes, with cooperation of your second mortgage lender.

Mar 28th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes, basically the 2nd. mortgage is subordinated. We specialize in HARP loans. If I can be of any assistance please let me know. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Mar 28th 2013
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 663 contributions

No problem! Go for it!

Mar 28th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

Sure... But, be sure to talk with your loan officer about how if effects your overall situation, and how lenders need to deal with it (subordination). Just because HARP allows it, doesn't mean it will work. In MN and WI, visit www.HARP-Refinance-MN.com

Mar 28th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

Yep, very common and most 2nd lien holders will subordinate as your mortgage loan officer or processor checks off that you have applied for a HARP on the request. Good Luck

Mar 28th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes, it will need to be subordinated.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 29th 2013
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Jason Vondrak (jvondrak)
#216 ranked lender in California - 1,741 contributions

Yes, as long as your loan is backed by Freddie Mac or Fannie Mae and you meet all other qualification requirements.

Mar 29th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Absolutely!! I am doing 4 loans right now with the same situation. Call me and I will help you. I am right in here the Union Park Buildings and my number is 801-971-6901 and my website is www.UtahLendingPro.com. Thanks Carlo

Mar 28th 2013
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