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Lender rating
Since October 2009
I really wish everyone would stop throwing "Loan Modification" around like its a refinance option. Why would a lender willingly modify a performing loan for a borrower that can make the payments? It makes no sense, they kept thier part of the agreement by giving you enough money to purchase the home but now you want it changed to benefit you, it makes no sense. On the other hand if you are unable to pay as agreed then they will considered a modification but again remember you agreed to the terms, suck it up and pay for it. No one would be complaining if the prices continued to rise.
Lender rating
Since October 2009
I see...I see..Someone trying to take your money.......beware!!!!!!!!!!!
You could sell your home for a "short sale" then potentially purchase another one / similar, maybe even a neighbor's home, at the lower prices and interest rates.
But basically unless you're actually behind, potentially facing foreclosure, then there are not many options available for refinancing if your home is less valuable. You should contact a lender (such as Mike)who can help you determine how to get a refinance or more than likely a loan modification. With your good credit, your bank may be willing to drop your interest rate, rather than having you refinance with another bank.
Lender rating
Since October 2009
Since September 2009
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How can I refy my home if I am upside down with credit score of 815?
ryanvern
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