Q: What happens if we have a 1st mortgage and a 2nd mortgage that combined are 85% of appraised value? Do you think Wells Fargo will subordinate the 2nd mortgage?
A: We cannot speak directly for Wells Fargo, but since you have a pretty solid equity position they should certainly consider it. Many mortgage lenders will only re-subordinate their second lien if they also hold the first, and if Wells is also your first mortgage holder you should have less trouble. If you do have two lenders, you may need to consider refinancing your first to Wells.
More help from HSH.com
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How does a refinance in 2017 affect your taxes?After a mortgage refinance, there are some specific "dos" and "don'ts" you need to know prior to filing your income taxes, as well as a few pointers that can help you lower your tax bite.