Consumption and Real Estate
how can i refi my home if the value is lower than what i owe?
Question : how can i refi my home if the value is lower than what i owe?
Is it true that I can refi my home with the New appraised value?
my home is worth: 600K
I owe:800K
Can I get the rate and refi for 600K on the first?
Plz help!!!!!!
i am in default, and going to file bankruptcy.
would love to keep my home if i can.
paying the:
600K – new lower payments.
HELP!!!!!!!!
home refi
Best answer:
Answer by Joey M
I’m afraid you can’t.
There must be equity in the property to be able to refinance.
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#3 written by Randall Parker, MBA 1 year ago
It may be possible to negotiate away part of the principal amount if:
1) Your loan is current
2) You have good credit
3) You have some reason that you might not be able to continue in the property
4) Property values have suffered a steep decline in your area, and
5) Your lender is willing to work with you.Several companies offer mortgage renegotiation services. You can do an Internet search for more information on this. Renegotiation can lower principal amounts, lower and convert variable rates to fixed rates, or both.
In the alternative, you can always do a short sale, but then you would lose your home. Mortgage renegotiation is usually a better alternative for the lender than a short sale.
Countrywide and other lenders are currently renegotiating thousands of mortgages, in order to reduce foreclosure rates.
Good luck!
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#4 written by spintool 1 year ago
You can’t. You are screwed. The feds are talking about forcing mortgage companies to write down the value of the mortgage to market value, but only on defaulted loans. If they go through with the program, stop making payments for 3 months, then apply for the program. You will have to certify (lie) that you didn’t default simply to qualify for the program.
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Hopefullly you only have a primary loan and not a 2nd too. Call the bank your loan is with; most have special lines set up. At CW it is the Hope Line,