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
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
PRESTON
call your current lender and seek a loan modification. 1in 5 are being approved
Comment by golferwhoworks — September 2, 2008 @ 2:03 am
DWAYNE
You will not be able to refinance. You may be able to get a loan modification but the odds are very low.
Comment by maxmom56 — September 3, 2008 @ 7:02 pm
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.
Comment by josh_c — September 7, 2008 @ 1:44 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
Comment by goz1111 — September 9, 2008 @ 10:25 am