Difficulties Doing a Home Equity Loan Behind a Negative Amortization Mortgage
If you need a home equity loan to refinance debt and currently have a negative amortization loan as your first mortgage, you may find the neg am can hold you hostage. It can be very difficult to get a second mortgage behind neg am loans. In fact, very few home equity lenders will go behind a negative amortization first. It's just too risky. Depending on your credit score, you may need to refinance your negative amortization 1st and then get a new home equity loan. In fact, even if you can't get an equity loan yet, you may want to refinance
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