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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.
  • December 18 2008 - Plainfield
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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

  • December 19 2008
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Profile picture for Gail Szeluga
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.
  • December 18 2008
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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.
  • December 18 2008
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