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Originally Posted by Mgdg731
I currently have a 1st and 2nd mortgage on my home and the total of these two mortgages is more than my home is worth- by at least 12,000.
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A) Curious how you managed to convince a second mortgage lender to extend debt 12 grand beyond the value of your home ?
B) Minor modifications in your monthly finances would take decades to bear fruit. What you could do is switch your first mortgage to an "interest-only mortgage", which would
SUBSTANTIALLY reduce your monthly payments, then you could use the difference to pay down the second mortgage. Then you could refinance the first mortgage back to a regular mortgage.
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