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I currently have a 1St and 2nd mortgage on my house. They…

I currently have a...

I currently have a 1St and 2nd mortgage on my house. They are both privately financed. We are under water and have been trying to get the 1st mortgage refinanced with our lender/friend. She refuses stating that in her late husbands will, it has to be agreed upon with all of his children. This is a lie. He had 6 kids but only 3 are in the will and they all agreed. How can I get her to lower the interest rate? It's currently 7.5%

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Maryland

Lawyer's Assistant: Has any paperwork been filed?

Paperwork for?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'm thinking of just not paying the mortgage for a few months to see if it will make her drop our rate. Is that a bad idea?

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Answered in 5 minutes by:
9/7/2017
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,873
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good morning. No, it's not a bad idea; in fact, it's a really good idea. This is the tactic you would take with a bank and it's the same tactic you would want to take with a private lender. As long as you are current on your loan and continue paying, the lender really has no incentive to modify your loan because they don't think that you will actually default. Only when you are in default and their choices are to foreclose or modify your loan do they then really have to make that decision. The only issue you have is the fact that you have 2 loans. Even though your house is underwater, if the value is sufficient to easily pay off the first mortgage, then the first mortgage lender is more likely to foreclose because the first mortgage lender gets all the proceeds from a foreclosure sale before the second mortgage holder gets anything. If that's the case, you might want to consider getting a loan modification from the second lender (to either lower the interest rate more and/or reduce the principal to offset the higher interest rate on the first mortgage) because it's the second mortgage lender that risks losing out in the event of a foreclosure.

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,873
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Customer reply replied 9 months ago
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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