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socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 38878
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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Thank you answer. I have qualified with my mortgage broker

Customer Question

Thank you for your answer. I have qualified with my mortgage broker for a new loan to refinance the loan going into default of which I am not on. I want to buy the other individual out, but PNC the holder of the defaulting loan will not allow me to refinance.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.

Hello again,

A lender cannot prevent you from refinancing your property and paying off the lender's loan. Maybe I'm missing something important, but based on what you are describing, all you need to do is have your mortgage broker get you a loan from a different lender and then pay off the 2nd with that new loan.

Feel free to explain what I'm missing, if I don't understand.

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