Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for mgf7480

Is it wise to refinance my mortgage if i owe more than what is selling for?

with all the housing market going down, my loan for my house is more than what my house is worth. i was planning on selling it but that means i would end up owing more. should i wait it out or see if i can get it refinance. i have very good credit.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 18 2008 - Plainfield
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Empower yourself first so you can make informed decisions. Start off here: Loan to Value Ratio
Before considering going through mortgage modification arm yourself first:
Actual Indymac (exotic) Loan Mod
Bloomber News

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 19 2008
I agree, I don't think that the mortgage company will give you any more money if you already owe more than it is worth.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 18 2008
I don't think that you will be able to refinance because you are upside down.  You may need to do a loan modification instead.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 18 2008
 
Related Questions
Prepayment penalties
Profile picture for GRFXfreak
Latest answer by GRFXfreak
August 03 2012 | 5 answers
  • Asked by GRFXfreak
  • In Refinance
  • August 02 2012
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. Thornton Ave, Plainfield City, NJ Home For Sale
    Thornton Ave, Plainfield City, NJ 07060

     For Sale: $300,000

    • Beds: 4
    • Sqft: --
    • Baths: 2.0
    • Lot: 14374
  2. 509 Mountain Ave, North Plainfield, NJ Home For Sale
    509 Mountain Ave, North Plainfield, NJ 07062

     For Sale: $201,000

    • Beds: 2
    • Sqft: 1075
    • Baths: 2.0
    • Lot: 8276
  3. 630 Sherman Ave, Plainfield, NJ Home For Sale
    630 Sherman Ave, Plainfield, NJ 07060

     For Sale: $364,900

    • Beds: 3
    • Sqft: --
    • Baths: 2.0
    • Lot: --