Legal Question in Real Estate Law in Illinois

I need a percentage reduction on my second

mortgage, but the lender refuses due to what they

call income excess, is this legal since I'm

paying 9% on this loan?


Asked on 10/30/12, 3:35 pm

1 Answer from Attorneys

Time to contact an attorney and a new mortgage lender. There are various programs out there for various kinds of situations. But the mere fact that you have a second mortgage with over-market rate does not require the lender to redo the loan solely because of that fact. In fact I don't know of a second mortgage whose interest rate isn't higher than a first -- it's the nature of taking second position -- higher economic risk.

Read more
Answered on 10/30/12, 4:01 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois