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socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39145
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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I am partnership in a house with 2 loans, the first is

Customer Question

I am partnership in a house with 2 loans, the first is current, which both parties are on. The second is going to go into default and only the second party is on that loan. The second party has attempted 4 times for a loan modification and has been denied. I am qualified for an amount to bring the 2nd loan current by conventional means, however the current lender PNC will not negotiate that. Because the mortgage rating is bad on the second, I am unable to refinance either loans which have somewhat high interests rates. I am willing to buy out the other party, but I do not wish to loose the equity that has built up over 20 years. Do I have any options other than a hard money lender? Thank You.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  socrateaser replied 2 years ago.


I'm not clear on your allegations. You state that you are qualified to borrow an amount to bring the 2nd loan current -- but, you also state that you can't refinance. Can you please clarify how you can qualify to bring the loan current but not to refinance. My assuming here is that the only way you could qualify to bring the loan current would be to refinance, which is exactly what you state you cannot qualify to do.

Thanks in advance.