Refinancing when you have a 2nd Trust
February 29, 2008 If you're one of those buyers who bought with a first and second trust (and avoided Private Mortgage Insurance - or PMI - payments), you probably thought you were doing the smart thing. And just about all of us thought it was the smart thing to do.
Until one of the banks who routinely holds 2nd trusts pulled a whammy on us all.
Usually when a homeowner goes to refinance his first trust loan, the second trust hold routinely agrees to remain in second position. Position is important when a property forecloses, because the lien holder in first position gets paid first.
An article by syndicated columnist Ken Harney reports that National City Mortgage has put a halt to those routine agreements. Which means that anyone with a second trust held by National City Mortgage is going to have a hell of a time refinancing his first trust loan, regardless of who the first trust mortgage company is.
(C) Susan Pruden.
A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012
Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."
Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.
Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.
