Does the Obama Making Home Affordable refinancing program apply to mortgages on second homes or only primary residences?
I wish I had better news for you. Unfortunately, help through the Obama Making Home Affordable program is available only for primary residences at this time. If you are looking to refinance a loan and lower the interest rate on your vacation home, your options may be quite limited, particularly if the value of that property has gone down substantially. What you can do is obtain financing on your primary residence and use those funds to pay off the loan on your vacation home. But you need to make sure that you are able to reduce your monthly costs while keeping the costs of refinancing your primary home to a minimum. If you find that refinancing won’t really lower your monthly expenses, or if the costs to refinance are too high, or your primary residence doesn’t have enough equity to pay off your other loan, you may be out of luck. Also, keep in mind, that the more equity you have left in a home you are refinancing the easier it will be for you to take cash out. If you are able to refin
