Profile picture for mike_f70

Need Refinancing Help!

I had to take a job which required me to relocate from AZ to CA. I tried selling my home in AZ, but had to lease it.

My first mortgage balance is $293k @ 6.5% and my second mortgage balance is $59k @ 9.1%. Could it possible to refinance the loans to get he interest rates down? Or get a loan modification?

My credit is still good between 721 and 748.

I know the property is no longer worth $352k nor will I be able to afford paying the difference between the rental income and the monthly mortgage payments. Do I have any other options?
  • May 19 2009 - Tucson
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

With it being a rental property now, chances are slim you'll be able to get a loan mod.  Not saying it's impossible, but....try calling your lender, explain the circumstances and see what they might be able to do for you.  Good Luck
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mike_f70
Is refinancing out of the question?
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No necessarily, but most lenders will only go as much as 75% loan to value on rental properties.  Again, call your 1st mtg lender and see what they would be willing to do for you since it was a job relocation.  Maybe if you can document it being a job related move, they'd work with you.
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.