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Answers (4)
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
First, check under Housing Market, Loan Modifications. I put a govt link in a thread there to see if you qualify. Second, who is your lender? Call them.
Countrywide, in Calif, lost a lawsuit filed by the State Atty. If your loan is variable, or over 7%, and a few other stipulations, they will automatically reduce your PRINCIPAL by 25%, plus a real low interest rate.
So there are things out there... just gotta research it. Good luck!
Countrywide, in Calif, lost a lawsuit filed by the State Atty. If your loan is variable, or over 7%, and a few other stipulations, they will automatically reduce your PRINCIPAL by 25%, plus a real low interest rate.
So there are things out there... just gotta research it. Good luck!
- nordog1
- Contributions:7
If you can find another lender that will refinance with your loan to value, go for it. You probably already ran into reluctance to take on unsecured debt like that. You may be able to add more security for the refinance if you have that available to use as collateral.
My first thought would be to look at modifying your loan for 5 to 10 years at which point the home value will likely have recovered and you will be in a better position to refinance. With a modification you also would not have all the costs associated with closing a new loan.
Here is a good article on the situation you face. See article.
Good luck.
My first thought would be to look at modifying your loan for 5 to 10 years at which point the home value will likely have recovered and you will be in a better position to refinance. With a modification you also would not have all the costs associated with closing a new loan.
Here is a good article on the situation you face. See article.
Good luck.
- wetdawgs
- Contributions:26798
Over the next few months it may be possible (due to federal guidelines) to refinance at 125%, therefore, I'd investigate what is coming to see if you meet the eligibility requirements.
There are some strict requirements for short sales such as decrease in income. It can't be done just because you are underwater. You may or may not be eligible. If not, then you would end up owing when selling.
There are some strict requirements for short sales such as decrease in income. It can't be done just because you are underwater. You may or may not be eligible. If not, then you would end up owing when selling.
Bank won't refinance my upside down mortagage. Short sale?
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