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have had 2 low appraisals cannot afford 3rd. How can I get refinancing without putting out cash.

Profile picture for Gloryb0107
If I pay for another appraisal that is low, then I am getting more into debt.  Zillow house prices are know to be a few thousand higher than actual, so without another appraisal then how can I get refinanced.  I would prefer a 15 or 20 year.
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October 08 - Beaverton
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Profile picture for MrLiam
Real Estate Agent
Contributions: 70

Find out if you have an FHA loan. If you do, you may be able to streamline it and refi at today's rates without an appraisal.  Just Google "streamline FHA" and you'll find out a lot.

I'm curious to know why you've paid for more than one appraisal.

Finally, Zillow pricing isn't "known" to be high. Sometimes it's 'way low, and often it's pretty close. As you can tell from your appraisals, home price evaluations aren't an exact science.

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October 09
Profile picture for Texas Banker
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AA,

Works a little different with "seller/servicers", since they are already exposed to the note and collateral.

That is why I said ask.

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October 09
Profile picture for Bob Lowery
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Since February 2009

Deja vous....didn't we already discuss the du refi plus?
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October 08
Profile picture for MtgBroker
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What are your numbers? Is your loan serviced by fannie mae? If so, maybe you can qualify on du refi plus.  No more appraisal needed...
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October 08
Profile picture for Martin Wareing
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Glory,

2 appraisals.... already.... It is what it is in the REFI.. doomed without putting money into it...  Your servicer holds the key. All of this "talk" is chatter.  Start dialing and the dialogue.

Sunny,  no one will rip you for the MOD callout. No worries
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October 08
All you can maybe do is walk into a bank, they may be able to pay for your appraisal...but with the way your appraisals have been coming in, simply just getting another appraisal may not be the way to go.

You have a bigger problem then that my friend. You may need to look at alternative options. Try leveraging some of your assets, if you have a size able chunk saved up, without hurting your retirement or future. Drop some money into the loan to pay it down making a lower appraisal not able to hurt you...But at the same time use common sense, putting all your eggs in one basket is VERY DANGEROUS!!!!!!!!!!!!

I think the above capital letters with the unnecessary amount of exclamation points serves my point.

If that don't work, try loan modification...but do it yourself...don't pay someone else to do it...


Its easier, in my opinion, for you the home owner to go directly to your lender...and also cheaper.

Watch now I am going to get ripped by 4 people who believe they are loan mod righteous do gooders, that haven't charged a penny upfront, and highly believe in them....pleaseeeeee

I am sure there are those who are in the loan mod business that are doing right by borrowers (God Bless), but there are a lot who are not (See u in HELL)...so the odds are not in your favor to use a 3rd party, unless you do your homework first

Good Luck, I hope this helped.
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October 08
Profile picture for Caveat Emptor
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Since January 2009

unfortunately zillow is not "known to be a few thousand over" anything. zillow on a case by case basis considers themselves lucky if their number is over OR under by 15% or less. i dont foresee you getting a third appraiser who's objective opinion is that your home is worth as much as you think it is, especially if you dont have any evidence.

i cant help you in assurring another no-cost appraisal, but before you get one i would call up a realtor. tell them the situation, dont tell them the number you have in your head, ask them for some comparable sales and a number. if the realtor comes up with evidence to support your number i would then consider proceed with the third appraisal. realtor CMAs are a free service.
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October 08
Profile picture for Bob Lowery
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That I agree with....notice I said "some".

I think it really depends on the initial down payment and the location of the property.  This is what I have noticed, but it is no science.
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October 08
Profile picture for 203K Specialist
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Since January 2009

Bob,

That is certainly the exception and not the rule...I have closed a few purchases without appraisals but I wouldn't sell that....since it is pot luck!
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October 08
Profile picture for LoanModSpecialist
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Not sure you are right about zillow values as they really are all over the place.  It seems like you have your answer on the appraisal.  If you qualify for HARP with no appraisal great as i assume you aren't fha and can't streamline.  Plus there are other programs out there.  What has your mortgage broker told you?
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October 08
Profile picture for Bob Lowery
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AA, some can get appraisal waivers.  I have closed a few without appraisals.

Glory, if you don't qualify for HARP without an appraisal, there is not much you can do except bring money to the table and bring the loan amount down.
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October 08
Profile picture for 203K Specialist
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Since January 2009

Texas,

Both Fannie and Freddie's programs require appraisals!
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October 08
Profile picture for Texas Banker
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Contact your current servicer and find out if they participate in the Fannie/Freddie relief program (assuming you do not have a sub-prime).

If that is the case you should not need an appraisal
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October 08
Profile picture for 203K Specialist
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I am think your expectations are high..... and the appraisals are in line!

The drop in property values can be a difficult pill to swallow!
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October 08
Profile picture for daveskow
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Glory .....sounds like you have  2 strikes against you already  ( with 2 appraisal done  already ...you dont mention the  values on these appraisal and dont mention the loan balance ...so its tough to offer any specific  advice  realted to options

Have you tried contacting the existing lender  to see if they might offer any internal refi programs
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October 08
 

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