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can you refinance a property that is upside down

Can you refinance a property that is upside down?
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March 30 2011 - Yuma
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Great question to ask a lender, please consider speaking with a local lender.  Most will share with you, your property needs to meet certain ratios, value to loan ratios and etc.  Probably not a big secret, nor shold it be, banks and lender have been losing money.  They have collectively "tighten their belts" in regards to financing.  I dont know about Quincy Smith and what they did last year but I do know, in todays market you will have a rough go with it.  However, I would need to know more, and it is not my place to tell you.  Call a local lender, I have had a lot of luck withing with Nova Home loans, or referring clients to them I should say & would be happy to share my contact there if you are interested.  The good news?  It is free to have a conversation to find out and if you can't do it now, they can tell you what to work on so that you may be able to in the future.
Best of luck.
Spirit
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March 31 2011
Yes you can. I refinanced my home last year and I was roughly $25k upside down according to the appraisal.  It took a long time and it was not cheap, but it is possible if you meet the parameters set by the lender.  I suggest you call a few mortgage brokers (not banks) since they have access to a broader range of lenders and loan programs.  Good luck.
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March 31 2011
Sorry;, Lenders will not do that. As much as it a wonderful and smart way to stabilize the housing market, lenders are not doing that. It is my opinion that Obama should make this a policy asap and FORCE  the lenders to refinance the upside down properties after all we the people saved the banks.
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March 30 2011
Dear Ice:

No, you will not be able to get a new conventional loan if there is no equity in the home. However, you may be able to get a loan modification through your existing lender. Also try the Hope Now website  for alliance programs encouraged by HUD help with loan modifications at: http://www.hopenow.com/homeowner-options.php

Also, a short sale or a deed in lieu of foreclosure are options. Arizona is a non deficiency recourse state in normal mortgage loan situations, meaning that the lender cannot pursue their deficiency on a short sale or foreclosure. See the short sale advisory from the State of Arizona which will review all of the options available to you: http://www.aaronline.com/documents/ssseller_advisory.pdf

Your Realtor can help you in a short sale. Then in a couple/few years you can re-apply for a new conventional mortgage.

May I wish you the best.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Realty

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March 30 2011
If you are upside down on your mortgage,you will not be able to refinance, because a new appraisal is needed.

 The new appraisal will indicate that the property is worth less than what you owe, therefore the lender will not refinance.  

However, you may be able to qualify for a short sale, provided that the lender will agree to sell at a loss, and if you have a financial hardship.  

Contact your lender for more details. Good luck.     
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March 30 2011
I think you can with a HARP loan. Google it.
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March 30 2011
 
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