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How can I ever get a refinance loan when the market dropped so low, my house is not

even near what I purchased the condo for. The location is great, near the hospitals, accessable to all freeways and in walking distance to theaters and shopping venues. I have redone the floors and added recessed lights and fans throughout and am having new windows installed. There is not much more that I can do to increase the price of the condo. I am also installing more powerful bathroom fans to decrease the humidity after showers. I am a veteran and wonder if there are programs available to me. I refuse to be late in payments nor default in order for a loan modification. Where can I find a business that can help me combine the 2 loans (have no idea why they did that except to increase their commissions at the time. Thank you for you advice in advance. Robert Harmer
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September 03 2011 - San Jose
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Suggesting you not to spend much $ on improvement. It is great one walks in fall in love. But the improvements added($) have a diminishing effect on valuation. In fact there might be no added value on the improvement on used condos.  Yes a $4,000 audio system on a used car is great but the seller will hardly get more $.

Suggest you accelerate paying off one. But I will first go talk to the primary lender asking what it takes. 
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September 15 2011
Unfortunately, if you owe more than the home is worth, there is no way that you will be able to consolidate your 2 loans.

However, you may be able to reduce the rate and payment on your first mortgage which can provide you with some relief. Visit these links http://www.fanniemae.com/loanlookup/ and
https://ww3.freddiemac.com/corporate/ to see if either Fannie Mae or Freddie Mac purchased your mortgage.

If they did, you may qualify to refinance your first mortgage. This program enables customers that do not have equity, to take advantage of these low interest rates.

 
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September 14 2011
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Thank you Geoff and Marinka. Sadly, I have two loans, the arm, which is up in 2012 is through Bank of America (was a countrywide mortgage) and the second is through Specialized Loan Servicing ( 30 yr, fixed) The arm is over 330K and the fixed is about 38K. It was the wrong time, but here we sit.
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September 14 2011
First, Robert, THANK YOU for your service to our great country. I truly and sincerely appreciate your sacrifice. Second, I wish I had better news for you, but I do have a question for you: Who are your loans with? Regardless, its unlikely doing anything else to your condo is going to effect its value significantly enough to truly increase its value, so, unless you plan on staying in the place for the long haul...save your money. The only way that I'm aware of to "combine" your loans is through a refinance and the only way I'm aware of that you can refinance is 1) if you have sufficient equity in the home to do so; or 2) bring cash to the refinance to pay the difference in what your property has lost (which wouldn't be smart in a declining market). SO, what does that leave you? Well, I'm sad to say that in my Market (Las Vegas) its time to consider a Short Sale. Loan Modifications are largely unsuccessful (also, do not pay a service or legal firm to "help" you modify...its usually a gimmick) and Short Sales are usually your best option of starting over. Otherwise...buckle down, enjoy your condo, and hope that the markets start to improve in the next 7-10 years. :) Let me know who your loan is through.
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September 04 2011
Hey Robert, it looks you have a nice place. You have to talk to you lender and try to push for the loan modifiction. In our state (MO) it can be done without default on the loan. For you to combine the two loans together... property still needs to appraise for the full amount and most of the lenders still like to see some equity left in it. Any veteran organizations...try to talk to them. The best of luck to you!
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September 03 2011
 
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