Mortgage BT:

[AugustaREGroup]

Simple question... that I am still searching the answer for.

Home owner has original fixed 30 year loan. For example 225K
Cash-out Refi. For 285K
Acquires home equity loan. For 90K
Acquires another home equity loan that replaces the first one. For 110K.

If homeowner is trying to refi first mortgage, and keep his 110K 2nd mortgage... Would the second become the first because it is reordered first?

Homeowner is having trouble refing although has great credit score, etc. Just wondering, thanks.

[Toby Lane]

Not sure what you are asking here. Seems like there is a lot going on with this refinance. Is he trying to cash out his first mortgage and subordinate (keep) his 2nd mortgage? Is he trying to get another equity line as well? You mention one at $90k and one at $110k.

[AugustaREGroup]

90K line is gone... now its a 110K line. He is keeping the equity line, and refi'ing the first mortgage.

Will the "first" mortgage become the second... since it is recorded second?

[AnnAnderson1015]

The new 1st mortgage will ask that a subordinate letter be signed by the current 2nd mortgage stating that they agree to remain as junior lien. This happens all the time in the mortgage world, so just call the 2nd mtg lender and ask.