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i am 6.5% 30 yr fix. My home is probably not worth what I owe because of the market can I refi

Profile picture for reddaisy
My mortgage was 212,000.00 6.5% 30 year fixed. I now owe 199,000.00 but my house is probably upside down. Can I still refi without cash back just a rate reduction?
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January 17 2009 - Ferndale
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Profile picture for Direct Lender

No as there is no equity in the house.
I guess you will have to wait till the market gets better.

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January 30 2009
Profile picture for DebtFreeDave
No, you can only get a loan modification at this point.

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January 30 2009
Profile picture for Maureen Francis _MI_
Michigan homeowners have been having trouble refinancing due to falling values.  Talk to your lender first and see what they can do.  Then speak with a local mortgage broker to see if there are other options.  Was it an FHA loan?
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January 29 2009
Profile picture for Georgia Loans
no problem, refi with no appraisal
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January 17 2009
Profile picture for reddaisy
sorry it is a FHA
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January 17 2009
Profile picture for Georgia Loans
reddaisy, is it an FHA or VA loan?
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January 17 2009
Profile picture for Chris A. Lewis
6.5% is still a good rate, but you can always contact the lender and try and get it restructured (doesn't hurt).
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January 17 2009
Profile picture for Loan.Ed

Probably not.  Your best option at this point is to either keep what you currently have or try to modify your current loan. 

Some will attempt the modification process on their own (with mixed results).  Others will contact a broker or work with their current mortgage provider.

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January 17 2009
 

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