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Yes, but the holder of the second has to agree to it. Its called subordination. Normally when a first mortgage is paid off the second moves into the first position unless the holder agrees to "subordinate" the second.
Yes, you can leave the second alone but the second mortgage company will have to allow it by signing a subordination agreement.
Basically, a subordination agreement is an instrument that allows a first lien or interest to be paid off and allows another first mortgage company to come in and be the first priority lien holder.
Wiki User
∙ 8y ago
Wiki User
∙ 16y agoYou cannot refinance a 2nd lien on a property, you must refinance the first mortgage as well.
Resources:
http://www.fixed-mortgagerate.com
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Can a co-borrower get off the loan?
The only way for a co-borrower to get off a loan is to refinance that loan, and do not include yourself in the refinance process.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
How does one apply for student loan refinance?
It is not possible to apply for a student loan refinance as for federal loans, which is usually what a student applies for, there are only two methods to pay off the loan, one pays as they earn the amount, or you pay through your income.
Can I remove my ex-wife's name from my mortgage deed and loan through a loan modification?
No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Can a co-borrower get off the loan?
The only way for a co-borrower to get off a loan is to refinance that loan, and do not include yourself in the refinance process.
Can your cosigner refinance your car without your permission?
No. As the one who originally took out the loan, they cannot refinance your car loan without your permission. The only thing they can do (and have to do) is to pay your payments if you default on the loan.
Where do I apply for a home loan modification refinance?
You need to contact your current mortgage lender to apply for this type of refinance. Since it is only a modification of a current loan, they will need to be the ones you go through.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
How does one apply for student loan refinance?
It is not possible to apply for a student loan refinance as for federal loans, which is usually what a student applies for, there are only two methods to pay off the loan, one pays as they earn the amount, or you pay through your income.
Can a co-signer be removed from a personal loan?
Only if the primary borrower is willing and able to refinance.
Can I remove my ex-wife's name from my mortgage deed and loan through a loan modification?
No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.No. Her name can only be removed via a refinance.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Where can one find an interest only mortgage refinance calculator?
There is a website called Bankrate that has an interest only mortgage refinance calculator. Just enter in your info such as the loan amount and the rest is easy.
Wife and you on car loan now divoced can you get off loan?
I am dealing with my own drama in a cosign arrangement. I have found that the only way to get your name off of the loan is to have her get a new loan through refinance.
How do you get a co signer off your loan if you have bad credit?
The options are limited. You must pay it off or refinance. You would have to get the bank to agree to a refinance with only you as the signer, if you qualify. Banks rarely remove a co-signer from obligations under a mortgage.
How do you get out of co signing on a property?
The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.
