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Is a refi more successful if you go through the HELOC bank that denied subordination?

We attempted a refi about 2 years ago but after months of paperwork and the appraisal, M&T refused to subordinate the 2nd mortgage. I recently contacted M&T to gauge how we would fare if we tried again but all they would say is "I really can't say, you would have to go through the process again". I would hate to waste another 4-6 months to end up in the same place. Would it be easier to try and refi our first with M&T or should we just try again with the prior lender? by Melaniedburns449 from Owings Mills, Maryland. Apr 3rd 2015 Reply


There is no way to answer this accurately with the information provided. If you would like a full consultation, free of charge I would be able to better assist you. Please feel free to contact me at 610-233-0098. You can also email me at cgee@perennialfunding.com. Unfortunately, I will be on vacation until the 15th but if you would like I will connect you with one of my trusted colleagues. Best of luck to you.

Apr 3rd 2015
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Michael DiMarzo (mdimarzo)
#6 ranked lender in Maryland - 21 contributions

If the property is in Maryland there is a New Ruling That Maryland put into effect in October 2013 that if your loan meets the New Requirements a Subordination is normally granted by the Lender or just not needed.There are a couple other ways that might interest you that could help you out.Please call me Directly at 410-725-6381.Here are the Basics about New Ruling: The requirements are:1.The interest rate for the refinance first mortgage must be lower than the interest rate for the existing first mortgage;2.The principal amount secured by the refinance first mortgage must be no more than the unpaid outstanding principal balance of the existing first mortgage plus an amount to pay closing costs of up to $5,000;3.The principal amount secured by the existing second mortgage must be no more than $150,000; and4.The refinance first mortgage must contain in bold or capital letters specific language that is set forth in the law.

Apr 3rd 2015
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Typically we are able to have a subordination done within 1 week. I have a 100% success rate with M &T banks subordination department. As rates are again at historic lowes now would be a better time than any to refi. This would depend on the rate you currently have. You can reach me at 866-894-9111. Benjamin Besosa Pike Creek Mortgage Nmls 104565.

Apr 3rd 2015
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Edward Fallon (edfallon)
#91 ranked lender in Pennsylvania - 143 contributions

Why don't you refinance the HELOC too? Contact me through my profile and I will see if it would fit into our parameters. Ed Fallon, NMLS#144708. Univest Bank & trust Co.

Apr 6th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You should reach out to a local mortgage broker who is familiar with local customs and intricacies.. Mr. DiMarzo seems to be on top of current laws in MD.. you should reach out to him. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 6th 2015
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