- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (6)
- jjlen
- Contributions:19
"then why are there constant ads about refinancing your loan for the appraised value and lenders stating the can refinance for the appraised value. What happened to President Obama's debt relief program?"
Well, the ads I have seen from lenders involve appraised values that are higher than the loan amount; or appraised values that are less than, but much closer than yours, to the loan amount.
The debt relief isn't an answer for everyone and it was never meant to erase absolutely everyone's troubles. There is limited money to go around for debt relief, after all. Talk to your specific bank about a loan modification. Don't assume that missing payments or letting it go to foreclosure is the way to go -- you'll wreck your credit, and it'd be terrible to wreck it and still not get any relief. So talk to the bank. See what your bank's requirements are for modifications.
Well, the ads I have seen from lenders involve appraised values that are higher than the loan amount; or appraised values that are less than, but much closer than yours, to the loan amount.
The debt relief isn't an answer for everyone and it was never meant to erase absolutely everyone's troubles. There is limited money to go around for debt relief, after all. Talk to your specific bank about a loan modification. Don't assume that missing payments or letting it go to foreclosure is the way to go -- you'll wreck your credit, and it'd be terrible to wreck it and still not get any relief. So talk to the bank. See what your bank's requirements are for modifications.
- sunnyview
- Contributions:25127
The commercials like every commercial want to make you buy something or are to sell you something. There are programs that might help, but your loan vs value difference will be too big for some of them.
You can see if you can refi through the HARP program sponsored by Fannie/Freddie here. They also have a loan lookup link to see who owns your loan. If you qualify, they will do a no/low cost refi to lower your interest rate, but that program only goes up to 125% of value so you may be out of luck.
The only other option I see would be a loan modification possibly, but you would have to have a qualifying hardship like these here. Losing value is not a hardship as far as the bank is concerned, but you may qualify under others so it is worth looking into.
You can see if you can refi through the HARP program sponsored by Fannie/Freddie here. They also have a loan lookup link to see who owns your loan. If you qualify, they will do a no/low cost refi to lower your interest rate, but that program only goes up to 125% of value so you may be out of luck.
The only other option I see would be a loan modification possibly, but you would have to have a qualifying hardship like these here. Losing value is not a hardship as far as the bank is concerned, but you may qualify under others so it is worth looking into.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
shirleybabe,
What was the original loan abount on the purchase? The HARP, (Obama), programs allow you to refinance up to 125% of your current balance. Your current loan must be either a Fannie Mae or Freddie Mac loan. Your servicer can tell you which it is. If you would like an analysis of your choices, please email me at [contact info removed by moderator]
Thanks,
Mark
What was the original loan abount on the purchase? The HARP, (Obama), programs allow you to refinance up to 125% of your current balance. Your current loan must be either a Fannie Mae or Freddie Mac loan. Your servicer can tell you which it is. If you would like an analysis of your choices, please email me at [contact info removed by moderator]
Thanks,
Mark
- Chris Lemmon, "cjl04141980"
- Contributions:32
Obama's loan program has an over equity limit of 120%. So in case
170,000 (Loan Balance) / 120,000 (Appraised Value) = 141%
On the other hand, if your scenario locked more like this
170,000 (Loan Balance) / 142,000 (Appraised Value) = 119.7%
Now, without an appraisal those are just estimates. If you know for sure that your home value is not more than 120,000 then Obama's program cannot help you. But, you might consider doing a little research, if you have not already to determine, if what you are thinking is accurate. A local Real Estate agent is the fastest way to determine the market value of your home. I suggest you call one up, and explain your situation. Most would be able to tell you pretty quickly what they would price your house at, and that's essentially the value of your home. Its a tough time for many people. I hope this helps.
170,000 (Loan Balance) / 120,000 (Appraised Value) = 141%
On the other hand, if your scenario locked more like this
170,000 (Loan Balance) / 142,000 (Appraised Value) = 119.7%
Now, without an appraisal those are just estimates. If you know for sure that your home value is not more than 120,000 then Obama's program cannot help you. But, you might consider doing a little research, if you have not already to determine, if what you are thinking is accurate. A local Real Estate agent is the fastest way to determine the market value of your home. I suggest you call one up, and explain your situation. Most would be able to tell you pretty quickly what they would price your house at, and that's essentially the value of your home. Its a tough time for many people. I hope this helps.
- shirleybabe
- Contributions:2
then why are there constant ads about refinancing your loan for the appraised value and lenders stating the can refinance for the appraised value. What happened to President Obama's debt relief program? What if you let the house go into forcloser or get behind on the payments?
- Steve Roake, "Steve Roake"
- Contributions:285
You seem to be looking for a loan modification. I don't know that the investor who owns your loan will be interested in forgiving $50,000. You, like many others and myself, are stuck with the loan you have. There are other ways out if you have a hardship and want to sell. Anything else would probably be mortgage fraud.
Can you obtain a mortgage for the appraised value and not the balance owed ?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.