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Answers (5)
- Russell Smith, "RussellMortgage"
- Contributions:109
If one borrower has left and you can't reach them, you may have a problem refinancing. All people on title would have to agree to the new loan whether the person is on the new loan or not. This could vary state by state though. You would need to bring money to closing because of the balance compared to the value. On April 18th, pmi increases on FHA loans so if you think you are able to handle bringing the money to closing, have all borrowers agree to the refinance, and the loan makes sense, you should apply shortly and have the lender obtain an FHA case file ID prior to that date.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
On an FHA mortgage you can get a loan up to 97.75% of the appraised value on a refinance. I'm not sure what SEV refers to but assuming your property appraised somewhere between around $110,000 then you'd probably be able to do a loan without bringing anything to closing. If your value comes in less then you'd need to expect to bring the difference to closing (i.e. at $105K you'd need to bring 5K to closing).
- amalfi122
- Contributions:2
Thank you both for your replies. The current balance of the loan is approximately $107,000. In 2003 the house appraised for $160,000 and our SEV today is approximately $90,000 (unsure of appraisal value). The fact that the payment is $1400 is what is killing us. We had three borrowers on this house: one has been diagnosed with stage 4 cancer, but is still working, one is still working and trying to keep everything current (and doing a darn good job with no help from anybody!!! :-) ) and the last borrower has abandoned the home and walked away without paying anything on it since May 2010. I cannot afford to sue her in court as it would just cost me more money.....so I just continue to struggle as best we can but continue to look for ways to get out of this mess!! We don't want to lose our house or give it back or wreck our credit. Never have missed a payment, never have been late, and have high 700 to 800 credit scores. Also, FYI our home is in Roseville, Michigan. Thank you.
- Kevin Cotterill, "KevinCott"
- Contributions:21
I had the same questions as Mark and have also consulted an amortization schedule. I see that after 7 years of payments on a 20 year fixed rate loan your 2003 loan balance should be down to about 70% of what you borrowed. Since I am also in California and very aware of the what has happened to RE values, this gradual reduction of principal may not be enough to save you but it is certainly worth examining.
Please let us know.
Please let us know.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
What is your current balance of the mortage and what do you think your home is worth?
Need to refinance conventional loan with LPMI - would an FHA loan work for me? If so, how?
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