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Reply to "Anyone refinance recently with an 80/10/10?"
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[quote=Anonymous]To be honest I haven't really heard about 2nd liens not subordinating. Back in 2005-06 the requirement would be that the new terms of the loan would have to be beneficial to the borrower (i.e. reducing interest rate, not taking cash out). The only way I can see them hesitating would be if you were increasing the payment on 1st substantially (going from interest only to principle and interest or 30 year to 15 year), but if you can show that your income justifies it, I don't even see that being an issue. I just wanted to support my statement and let you know that there is an approval that has to be done, but again, it's usually very low level and shouldn't make you worry. If you qualify for 1st refinance the 2nd subordinating shouldn't be a problem. They will charge a nominal fee ($150ish)? To process the request as it requires a new note to be recorded.[/quote]
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