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Updated over 13 years ago on . Most recent reply
1st mortgage in second position
Hello, I’m not sure if you can help me, I hope so. Please review my case and let me know if there is anything you can do to help me.
I have refinanced my house 2 years ago. I had a line of credit at that time. Interest rates went down even more and I wanted to refinance again last December and that’s when my madness started. I found out that my regular mortgage is in the second position and my line of credit is in the first position. I can’t find a bank that will refinance my regular mortgage now, because nobody wants to be in the second position. I’ve been calling the bank asking them to fix it, but unfortunately they told me that my line of credit bank doesn’t want to do subordination now and there is nothing they can do. They promised me that they will lower the rate for me, but later they changed their mind. They blamed Title Company. Title Company told me that they closed because bank promised them to deliver subordination, but never did. Title Company stopped responding to my calls. I’m stuck. I don’t know what to do. What are my options? Is there a way to fix it? I’m losing money, because the interest rates are so much lower now. Please give me a call and let me know if you can help me or if you have any suggestions for me.