Profile picture for juls7000

House Value Lower than Current Mortgage Balance

I would like to refi but according to this website (Zillow) my house value is roughly 12k lower than what I currently owe. I purchased the property in 2007 and have no intention to move anytime soon. What if anything can I do considering the difference between the house value and what I owe on my current mortgage?
  • March 20 2009 - Lansdowne
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Answers (7)

Profile picture for kulbinder
my house value is almost drop down to $100,000. I bought my house for $362,000 and now the house value is $262,000. What shall I do in this situtaion. Shall I call my lender and ask him to lower my mortgage value. Please advise.
  • August 16 2009
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Your best advice is to call a local Realtor to review the comps in your area and then if you feel comfortable call an appraiser. I would let the Realtor know why you want the comps up front though. Tell them you are not interested in selling.
  • April 21 2009
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Get a professional appraisal (about 00) before you get down in the dumps. Zillow is a great general guide, but not always on the money exactly.
Next call mortgage companies directly, they will help you. Check out the site Bankrate.com for great info on this subject.
Best-

  • March 23 2009
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Profile picture for sunnyview
Tiffany is great. Honest, smart and knowledgable. If I were you, I would take her up on her offer if you need an agent to help you. I am picky about choosing agents and I would use her without hesitation.
  • March 21 2009
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I'm a stone throw from you in West Philly if you wanted an agent to give your place a look and see how it compares to Zillow. One option on the refi may be to call your lender directly and see what they can do regarding the rate.
  • March 21 2009
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Profile picture for sunnyview
If you are considering doing a refi, I would call a local agent in your area for a comparative market analysis(CMA) for the most current information on values in your area. They have newer comparable sales available and can help you decide what to do and if you would be able to get an appraisal amount for enough a refi based on the comps. Zillow is great, but you need a CMA to make your best decision in this market.
  • March 20 2009
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Profile picture for The Strange Team
As helpful as Zillow can be it isn't able to take into account condition of properties, mitigating factors and intrinsic values of homes in your area.  Check with a lender and have them to do a drive-by or paper review of your value (no cost) to see if it's feasible.  Appraised value and market value are two different things.  Also, check out the new refinance programs available to people in your position by looking at financialstability.gov to see if anything in there is helpful.   Good luck.
  • March 20 2009
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