I am hoping to get some advice. We have two mortgage loans on our house (which is now underwater.) We are making the payments fine and hope to wait out the current downturn and do not plan on selling any time soon. However the interest rate on the second mortgage (which is subordinated to the first) is very high at 8.65%. It is also a "baloon" morgage which will be due in full in about 10years. The second mortgage is about $94,000. My questions is how do we go about lowering the interest rate on this or refinancing? I called the mortgage company and they said they don't refinance and there is nothing they can do to help.

That's unfortunate both because you've lost the ~$500 appraisal fee and because you are going to run into the same problem with every other lender. Any way to pay off the HELOC, or does the prepayment penalty negate the advantages of refinancing?

Contractor Mortgage advice

honestly, I don't know anything about mortgage loans but I think I should have learn to it now because I want to seek help from them. I am not getting any younger now and All I want is for my kids to grow up good with great family environment.