Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages?

Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages? My 1st mortgage is 7.25% and second is 12%. I am underwater by 20K and want to get rid of that high 2nd. Can anyone point me in the right direction?Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages?
No, there is not. You need to refinance. But you will need to come up with at least the $20,000 in order to do so. So your best bet is to just pay off the 2nd.Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages?
Problem 1 being under water in today's market even though the Government is requesting Lenders to work with it, they are not! The market began to show the Direct Lenders going through the motion and approving these loans with good credit, etc.. The servicing banks are now buying back the same paper after they A. took the hit of upside down and B. took another hit for the closing cost! Guess what? The brakes have been pushed to the metal. Done deal! The ONLY thing I can suggest is a legitimate loan Modification that will have both Lenders if not the same lower the rate/s in order to accomadate the fall out amount for being under water. That will work and has for many people. I can help you out if you need.
Well if you already did an appraisal and you know that you are underwater by 20k then there really is nothing that you can do. If you didnt do an appraisal then you need to have one done to see exactly what the house can appraise for. If you are underwater then you need to do a loan modification with both banks to lower the rates.
The current government program being citied in the news seems to only address those who are at the max 3% under water, in your case the negative equity will probably make it highly unlikely you will be able to refinance absent paying down the loan amount