How To Refinance

Question: How to refinance when your loan is higher than your home's value?

(Posted by: amdollar on 2009-12-15 21:35:04)

In this day of recession and economic downturn with no upside, all I hear is that people should refinance now. An example: If a home in 2006 is worth $365, 000 and has an interest only loan of $365, 000, in 2009, it is now worth $290, 000 (- $75k less), should he/ she refinance? Now unless they come up with the 75k difference, no bank is going to offer a mortgage with over 100 % LTV. Any thoughts on this???!??!

Posted by: Wyld Bill on 2009-12-15, 21:41:08

I am not a mortgage expert. that is not what i do for my profession. however i do know that the fed was willing to help people upside down in their loan. talk to a mortgage professional. there were some programs for a while. they may be gone by now. if that is the case you are SOL to put it bluntly. however what is your rate. please tell me you are not in one of those horrible ARMs that got us into the situation we are in now. if you have a descent fixed rate just ride it out. things will turn around...............maybe.

Posted by: Caroline on 2009-12-16, 00:39:03

Who says they should refinance? Betcha it is the people who want to sell another mortgage. In this situation, refinancing is not a viable option. The only possible winner in this scenario is the guy (m/ f) who cashes the commission cheque.

Posted by: Naima on 2009-12-16, 15:42:13

Http:/ / loanrefinanceadvice.com/ has excellent information on how to apply for a refinance mortgage program, refinance rules and laws, and other helpful advice for anyone looking to refinance.

Posted by: Loan One Mortgage on 2009-12-17, 08:46:02

You may wish to inquire to a loan modification though your current lender. You current lender has a lot to lose (more the 75k) if you walk away from the property and may be inclined to work with you.

Posted by: Jen on 2009-12-17, 19:35:27

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