Modified Loans When Combining Deferred Balance – Rate-Term Refinance or Cash-Out Refinance?

Question: Our client has a first mortgage that was modified a couple of years after they purchased it.  The mortgage statement indicates a “deferred balance”.  If they want to combine these into one loan is this a cash-out or rate-term refinance? Answer: If there is no formal institutional 2nd lien on the property and he […]

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