Answers (3)
- Hammerstone Team, Attorney, CPA, REA, "Attorney CPA Realtor"
- Contributions:109
20 years is a long time. If you can pay less interest each month than what you pay now, it's always a better deal no matter what the market does in the future. You'll have more equity when the market comes back up.
You should refinance if the opportunity is there.
Raheel Shahzad, Attorney, CPA, Real Estate Agent
Chicago, IL
You should refinance if the opportunity is there.
Raheel Shahzad, Attorney, CPA, Real Estate Agent
Chicago, IL
- Charles Norman, "Charles L Norman"
- Contributions:35
Business decisions should be based on the numbers. IF the numbers don't add up, you can exercise your put option. Meaning, you have a contractual obligation to pay the lender and if you don't they can take the house.
When you are upside down by 75k on a property that is worth less than 350k (estimated), it may be a better financial decision to let the lender take back the house. Only you can determine if that is your best course of action. Remember, the lender is looking out for their own interests, not yours. Perhaps you should consult with a Realtor who specializes in short sales or an attorney who can help you with the analysis.
I work with a law firm that provides a free consultation for homeowners who are underwater. Please let me know if you would like to schedule a consultation.
When you are upside down by 75k on a property that is worth less than 350k (estimated), it may be a better financial decision to let the lender take back the house. Only you can determine if that is your best course of action. Remember, the lender is looking out for their own interests, not yours. Perhaps you should consult with a Realtor who specializes in short sales or an attorney who can help you with the analysis.
I work with a law firm that provides a free consultation for homeowners who are underwater. Please let me know if you would like to schedule a consultation.
- Paschal Curtin, "VA FHA PRO 17 YRS"
- Contributions:87
Good Morning,
Your best bet is to reach out to another lender for a quote, that way you can compare the offer you have in hand.
Good luck!
Your best bet is to reach out to another lender for a quote, that way you can compare the offer you have in hand.
Good luck!
Negative Equite in Rental Property. Refinance Question. Please help
I have 6% rate with 235 loan for 30 years. I got a refinance proposal that will cost me 1785 APR cost and $1981 non-apr fees for 20 years at 4.34 rate.
The difference will be 133 dll less of what i paid now. The monthly rent is 1750 and the current loan payment is 2090. If i refinance i will just paid 133 from my pocket every month.
I wish I can sell the property but it is very hard so I am just waiting to see if the market get better so I can sell with not much difference.
I need advice if is worth it to refinance in this terms.
Thanks in advance
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