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Answers (14)
- Daniel Reynolds, "Broker Executives"
- Contributions:355
You cannot refinance. However, you can modify your loan. Simply contact your lender and request a loan modification packet. The rest is self explanatory.
- laurie frame, "laurieframe"
- Contributions:61
You can try to speak directly with your lender. Start in the loss mitigation dept. Be very careful of companies offering services for remodifications as there are many scams out there rite now. Don't pay anyone up front fees.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
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.
- Justin McHood, "justinmchood"
- Contributions:13
Ryan,
Right now, loan modification is your only choice. That possibly could change - there are various "programs" being discussed in Washington DC that may (or may not) happen soon.
You can attempt to do your own loan modification - and if you are not late on your payments, here is what you can expect if you are not currently late on your payments.
Also, here is a list of some of the best loan modification companies in Arizona should you wonder "who can help me"? They all charge differently, so make sure to speak with more than one. Make sure that you ask your potential loan modification lawyer these 5 questions so you will increase your chances that you are getting a good deal on your loan modification.
Justin
Right now, loan modification is your only choice. That possibly could change - there are various "programs" being discussed in Washington DC that may (or may not) happen soon.
You can attempt to do your own loan modification - and if you are not late on your payments, here is what you can expect if you are not currently late on your payments.
Also, here is a list of some of the best loan modification companies in Arizona should you wonder "who can help me"? They all charge differently, so make sure to speak with more than one. Make sure that you ask your potential loan modification lawyer these 5 questions so you will increase your chances that you are getting a good deal on your loan modification.
Justin
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I see...I see..Someone trying to take your money.......beware!!!!!!!!!!!
- Nathan Wolf, "natewolf"
- Contributions:1825
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.
- Rob Cochems
- Contributions:3523
Yo Mike, chill on the spam dawg.
- oldskoolballr
- Contributions:158
Michael,
No spam on the boards. Go troll for business elsewhere.
No spam on the boards. Go troll for business elsewhere.
- Michael Mackay, "MRMackay"
- Contributions:2
After reading the other responses to this Q there seems to be alot of misinformation or just plain ignorance of what solutions are currently available to someone in your istuation.
We have been in the LOAN MODIFICATION&LOSS MITIGATION business for over 20 years with a 97%+ success rate. It is frankly futile for you to attempt to get this done yourself as the lenders will not typically give you nearly as much consideration as our experienced team of professional negotiators, underwriters and attorneys who have been doing this and this only and have existing and established relationships with the majority of the lenders in the marketplace. Contrary to popular belief YOU DO NOT NEED TO BE BEHIND ON YOUR PAYMENTS TO DO A LOAN MODIFICATION!
[content removed by moderator for being self promotional]
We have been in the LOAN MODIFICATION&LOSS MITIGATION business for over 20 years with a 97%+ success rate. It is frankly futile for you to attempt to get this done yourself as the lenders will not typically give you nearly as much consideration as our experienced team of professional negotiators, underwriters and attorneys who have been doing this and this only and have existing and established relationships with the majority of the lenders in the marketplace. Contrary to popular belief YOU DO NOT NEED TO BE BEHIND ON YOUR PAYMENTS TO DO A LOAN MODIFICATION!
[content removed by moderator for being self promotional]
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Just think of it like this. Your best friend borrowed money to buy his home from another mutual friend. The house lost value but your best friend still owes the original amount. He knows that you have money and you can lend it at a better rate but would you? Why would you lend someone more money than the home is actually worth? Good will? Running for a political office and need the vote?
On the flip side, you are the mutual friend and your friend you lent to is having a tough time paying you back, you could then decide to modify the terms of your original loan and give him/her a better rate or extend the terms because your already on the hook for the money, and the asset you have a lien against is worth less so the best you can hope for is a continued payment with a less total return on your investment. But if he/she can still make the payment then why should you modify the terms, you lived up to your side of the deal by giving them the money to buy a house, they should live up to theirs and make the payments at the agreed upon value or pay me the balance.
On the flip side, you are the mutual friend and your friend you lent to is having a tough time paying you back, you could then decide to modify the terms of your original loan and give him/her a better rate or extend the terms because your already on the hook for the money, and the asset you have a lien against is worth less so the best you can hope for is a continued payment with a less total return on your investment. But if he/she can still make the payment then why should you modify the terms, you lived up to your side of the deal by giving them the money to buy a house, they should live up to theirs and make the payments at the agreed upon value or pay me the balance.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
frisk,
If any stim package were to work... It should be for those that paid and can continue.... (Survival of the Fittest). We spent 1/2trill and 1.5 years catering to those who never paid and will never pay.... Sad, but true. The bottom to this market is/will be supported by paying borrowers with acceptable debtloads in line with their local wages. I hope the magic wand/tarp reaches a good person like you that simply "bought wrong"... That would be a nice ending to this mess. Keep rockin'.
If any stim package were to work... It should be for those that paid and can continue.... (Survival of the Fittest). We spent 1/2trill and 1.5 years catering to those who never paid and will never pay.... Sad, but true. The bottom to this market is/will be supported by paying borrowers with acceptable debtloads in line with their local wages. I hope the magic wand/tarp reaches a good person like you that simply "bought wrong"... That would be a nice ending to this mess. Keep rockin'.
- frisky1
- Contributions:448
The one glimmer of hope (and it may be more than a glimmer) is that we don't yet know what programs the government is either going to cram down or back that might help people in your situation. certainly possible that we might get to gov backed 4% refis with no appraisals for people with good credit. can't say it will happen but I'd bet it might as its a good way to get more cash into the hands of regular people. good luck
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Right now.... only a MODIFY is possible.. Servicing Lender is your answer and avenue.. There is no "outside" lender that will knowingly loan upside down (DAN MARINOesque 125% loans form the 90's) at those terms... Great credit is a start... Call lender... see if they can help...maybe meet them part way (lower your balance with a cash payment, etc... If you could get 5% for example with that laon size... Probably over $300+/month... Try it and good luck.
- Randy Hooker, "GoingForIt"
- Contributions:395
Unfortunately, your information is correct. And it's the same problem that millions of homeowners are having right now. In order to accomplish a refinance, the property must be able to appraise. If it won't appraise for at least the loan amount, then you're screwed. That's not a very professional word, but it's accurate.
One other option you might want to consider is going toyour present lender and attempting to get a loan modification. The odds are heavily against you, but it's worth a try.
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Thanks for the question, and good luck!
...randy
One other option you might want to consider is going toyour present lender and attempting to get a loan modification. The odds are heavily against you, but it's worth a try.
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Thanks for the question, and good luck!
...randy
How can I refy my home if I am upside down with credit score of 815?
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