2nd Mortgage

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On conventional loans a 2nd Mortgage is a second lien on a property. A 2nd mortgage falls behind the 1st mortgage. When refinancing if the homeowner wants to refinance the 1st mortgage and keep the 2nd mortgage, the homeowner has to request a subordination from the 2nd lender to let the new 1st lender step into the first lien holder position.

2nd mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is due if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it. Due to lender guidelines, it is rare for conventional loans for a property having a 3rd or 4th mortgage.

Second mortgages can be tempting because they provide access to more money secured by the property. However, there are always risks and costs involved. American Debt Advisors will give you suggestions to help you with 2nd mortgage modifications and 2nd mortgage settlement options.

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