Bobby asked:


My house value is far below than the price I paid 3yrs back.After 2 yrs of the purchase it has now adjustable interest rate and mortgage payments increase every 6 months.Lenders decline to refi due to below market value of my house.Advise what can I do in this case?

GABRIEL

4 Responses to “What are best ways to refinance my home even though the current market value of my house is far below purchase?”

1. golferwhoworks on September 2nd, 2008 2:03 am

   PRESTON

   call your current lender and seek a loan modification. 1in 5 are being approved

2. maxmom56 on September 3rd, 2008 7:02 pm

   DWAYNE

   You will not be able to refinance. You may be able to get a loan modification but the odds are very low.

3. josh_c on September 7th, 2008 1:44 am

   CRUZ

   You’re going to have to bring the difference between the value and the owed principle on your current loan to the closing table if you want to refi. That or hope they’ll let you off the hook.

4. goz1111 on September 9th, 2008 10:25 am

   ROMEO

   It really depends on who currently owns your loan, if it’s been packaged into on of those bonds sold to third party investors little options available

   If it’s still held by the original issuer of the loan, they may modify the payment amounts but all that means is the difference is back ended onto the loan, they will not revalue the asset itself i.e. your total loan amount

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