Can you refinance a 1st mortgage and 2nd mortgage without equity?

I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?Can you refinance a 1st mortgage and 2nd mortgage without equity?
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sumCan you refinance a 1st mortgage and 2nd mortgage without equity?
My best advice is to consult an experienced mortgage broker on this question. I hope that you can because rates are far below 7.25% currently making it a great time to refinance.





Go to http://www.MyMortgageSaver.com to have a local mortgage broker contact you.


Good Luck,





Jon
No. I wish there was more to say but there isn't.


If anyone offers to do it for you run away fast, they are liars.
Sorry, but you have over extended yourself. You don't even have enough equity. No point. Check here for more info: http://www.bills.com/home-refinance/