The problem is that the proposed first and second mortgages are in two different "risk pools"- they have to make a conservative first mortgage loan, because those loans have to conform to standards to "package" in groups and sell to conservative investors on the secondary market (through Fannie Mae (Federal National Mortgage Assn)). Second mortgage is sort of "granny bar the door" (anything goes), and is sold to investors who are greedier and want higher return. In considering the size first mortgage they will give, they are (in your case) comparing $900 to $750, and couldn't care less about the fact that your overall payment will be higher, because their first mortgage is "senior" (recorded before) the second. If you don't perform on the first, they'll foreclose out the second, and if you don't perform on the second, its not their problem.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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