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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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