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.
Answered on 10/30/12, 4:01 pm