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iS THERE ANY LEGISLATION IN THE WORKS THAT WOULD REQUIRE 2ND LIEN HOLDERS REMAIN SUBORDINATE?

Additional details of your question here by JERRYH_718_463 from Sanford, Florida. Jan 2nd 2013 Reply


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

No.. And I doubt you will ever see something like that.. if you're trying to refinance, then the lender would contact your existing 2nd lien holder and ask for the subordination.. Most all will agree.. but a few wont.. if they don't agree to subordinate, then you cannot get the refinance unless you pay them off... there is no way to force their hand.. 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

Jan 2nd 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

There is not now, and it is doubtful that one will appear. Even if it does, it would likely be unenforceable. The lenders that do agree do so because they see the ability of the borrower to lower the payment on the first mortgage as a means of improving the likelihood that you will keep making payments, which means the second get paid too. Those that don't have the right to say no and you really have no recourse, sorry. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 2nd 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Are you refinancing your 1st Mortgage and if so, is your current 1st Mortgage owned by Fannie Mae, Freddie Mac, or backed by any Government Insurance Program from FHA, USDA, or the VA? Most lenders would allow a re-subordination of their existing 2nd Lien if you are lowering your 1st Mortgage Rate as it puts them in a better position to keep getting paid as you free up your cash flow!

Jan 2nd 2013
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Stephen McWilliam (StephenMcWilliam)
#137 ranked lender in Florida - 45 contributions

There is not any pending legislation in Florida nor would such a bill make it out of any committee IMHO.

Jan 2nd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

none I have heard of, but most but not all lenders will agree. If they will not you are pretty much out of luck unless you can either pay off that loan or find another 2nd mortgage lender to replace them. Most will not go over 90% total of all loans to the current value of the home.

Jan 2nd 2013
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Perhaps the best thing you could do is call your 2nd mortgage holder and ask them if they will accomodate a re-subordination if you were to do a rate and term refinance of your first mortgage to improve your terms.

Jan 2nd 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

No there isn't any legislation and they do NOT have to do so with any loan program. It is totally up them to decide if they will or not, although most will. If your 2nd loan has been denied then call them and see why. Some lenders are approving the subordiantion but are requiring the homeowner bring money to close to bring down the loan amount. What is happening with your loan?

Jan 2nd 2013
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Kevin Prince (KevinPrince)
#67 ranked lender in Pennsylvania - 26 contributions

There is no legislation pending that would require a 2nd lien hold to remain subordinate. Whatever you may be trying to do check with your current lender on their flexibility of modification. Also Happy New Year! Kevin PrinceSVPLiberty One AMCkprince@liberty1amc.com 858-926-8904

Jan 2nd 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Short Answer - NO. Wasting your time. Call me with any questions please -- I'm in Tampa Florida - Andrew 800 813 3291

Jan 2nd 2013
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

Nope

Jan 2nd 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,002 contributions

Nothing that I've ever seen...

Jan 3rd 2013
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