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My interest rate is OUTRAGEOUS and I would like to sale it or refinance but the property value drop

My interest rate is OUTRAGEOUS and I would like to sale it really or as a last resort refinance but the property value drop and i would have to pay out. What is the best route to take at this point? Im just tired of this house and im ready to re-locate.
  • November 15 2011 - Greater Landover
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Answers (2)

Don't list it for sale before you thoroughly examine your refinance options.
  • November 15 2011
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It is important to review all your options. 

Short selling (Selling your home for less than you owe) your property may be an option, but it will affect your credit scores negatively and probably your ability to purchase a new home.  There are some great realtors in your area that have quite a bit of experience with "distressed" properties. Be sure to do your research, taking a couple hour course does not make one an EXPERT.  It is important that the realtor have experience or at bare minimum have mentors that can help you through the process.  

There is a new HARP program coming out that may help you to refinance to a significantly lower rate, even if your value has dropped.  The program is supposed to be LIVE today, but it will probably take some time for lenders to determine if and how they will participate in the program.  

Maryland Mortgage Mama

 

  • November 15 2011
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