The problem is that the proposed first and second mortgages are in two different "risk pools"- they have to make a conservative first mortgage loan, because those loans have to conform to standards to "package" in groups and sell to conservative investors on the secondary market (through Fannie Mae (Federal National Mortgage Assn)). Second mortgage is sort of "granny bar the door" (anything goes), and is sold to investors who are greedier and want higher return. In considering the size first mortgage they will give, they are (in your case) comparing $900 to $750, and couldn't care less about the fact that your overall payment will be higher, because their first mortgage is "senior" (recorded before) the second. If you don't perform on the first, they'll foreclose out the second, and if you don't perform on the second, its not their problem.
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Today's Featured Article - More Memories of a Field Service Engineer - by Brian Dye. Introduction: The author worked for one of the largest Ford tractor dealerships in England as a trouble-shooter on tractor engines, hydraulics and combine harvesters from 1963 to 1972. In 1972 he became a dealer manager and finally left the dealer net in 1975 to run his own electronic design and manufacturing company. [Editor] We live right in the middle of Norfolk. The dealership that I worked for sold Fordson Tractors from the 1920's and some of t
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