purplecup246 asked:
Can I refinance the remaining balance and still make payments?
REGGIE
Can I refinance the remaining balance and still make payments?
REGGIE
February 6, 2010
5 Comments
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JAMAL
Some few banks might accept this, but most wont as they now have no collateral against the remaining balance. Generally the full amount of the mortgage must be paid in full before they will release the title and lien.
Comment by Lady D — February 10, 2010 @ 6:34 am
BROOKS
You will most likely need to bring cash to closing.
Comment by Rachel B — February 13, 2010 @ 8:14 am
ADAN
Unless you have enough equity built up in the home to offset the difference, you will have to pay the difference out of pocket.
Comment by kevsher01 — February 13, 2010 @ 9:49 pm
ALONZO
This isn’t an exact answer to your question, but June July and August are the times to get the best price, can you wait a bit longer? You must have some equity in the house.
If you buy a second house you can sign a mortgage for the new house and add the extra you owe to it if you get it from the same institution. If you get the second mortgage from a second institution than you can take the money from the second to pay off the remainder owing on the first.
The terms will be a bit tougher but not as tough if you got a regular bank loan to cover the difference.
Comment by madderthanthehatter — February 17, 2010 @ 6:35 am
EVERETT
Sorry, “madderthanh…”, you are all wet. You can do that with cars, not houses. No bank will give you a loan higher than the appraised value.
No, you won’t be able to refinance but may be able to take a personal loan up to a certain amount…ask a lender.
Anyways, taking a loss on your home will be devastating. If I were you, I’d be calling your bank or mortgage company and finding that answer out ASAP. They will guide you in the right direction.
Good Luck!
Comment by Barbara R — February 20, 2010 @ 2:36 am