- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (6)
- Danny Brown, "dannybrown"
- Contributions:67
I don't know your specific situation. In general, you cannot refinance if you are underwater. You may be able to work out a loan mod, but that is a laborious process and could take several months and there's no guarantee that your lender will modify your loan.
DANNY BROWN I HOMES GROUP WWW.THEWESTSIDEBLOG.COM
DANNY BROWN I HOMES GROUP WWW.THEWESTSIDEBLOG.COM
- Heather Underwood, "Heather Underwood"
- Contributions:113
Zillow shows an increase in home prices of 7.5% (YoY, calculated in May)in Tarzana. It is possible that your home has more value than you expect. Speak with your lender(s) and discuss the situation with them. Lenders are making concerted efforts to work with clients to modify their loans. My clients tell me that the primary qualification is income - if you can afford the new (lower) prices you should be able to get your loan modified. But the income has to be documentable. Good luck.
- pmajames
- Contributions:3
You have received some good and normal feed back with conventional answers. We all need more specific info to be of greater assistance to you. In a nutshell the answer to your question is yes it can be done but, with a lot of work. In the Commercial Lending Industry, this process is called Structured Settlement. In the Residential Lending Industry it is called a variety of things, to you the lay person, a refi or restructured loan. For more specifics, you can contact me and I will share some ideas for you to check out and see if that helps you. Of course this is free.
- Clay Branch, "Georgia Loans"
- Contributions:7830
This may sound like a stupid question BUT how do you know you are underwater? What are you basing your estimated value on, an appraisal, Zillow, recent sales on your street? What are the loan balances and what type of 1st mortgage do you have, Conforming, FHA, VA, etc? What do you think the value is?
- SoCal_Engr
- Contributions:5661
You need to post this question on the "Mortgage" forum. The answer from the agent is almost correct, but does not cover all of your options. There are some alternatives that you can read about at the USG site here. It depends on your specific situation, and what types of loans you have.
One important thing to note. Just because you meet the guidelines on the USG site, it does not mean that you are "automatically eligible" to get your notes refi'd under this program. The final call wil be your lender's.
I'll see about getting some lender's to provide info...
One important thing to note. Just because you meet the guidelines on the USG site, it does not mean that you are "automatically eligible" to get your notes refi'd under this program. The final call wil be your lender's.
I'll see about getting some lender's to provide info...
- Natalie Feldman, "nataliefeldman"
- Contributions:254
No lender will lend to you if the collateral is worth less than the outstanding loan, in other words, if your home is worth less than what you owe, you cannot refinance. Contact your current lender to work out a loan modification or loan settlement, that's if you want to keep the house. If you hire an attorney or third-party to assist you in the loan modification process, please be advised that it is illegal for them to charge any up-front fees for their services.
You can also consider a short sale or a deed in lieu of foreclosure. If you opt for a short sale, contact your lender to make sure that you can qualify for the HAFA (Home Affordable Foreclosure Alternatives) program, under which you can receive financial assistance for relocation.
Feel free to contact me directly if you have further questions.
Natalie Feldman
GreenRock Real Estate Solutions
You can also consider a short sale or a deed in lieu of foreclosure. If you opt for a short sale, contact your lender to make sure that you can qualify for the HAFA (Home Affordable Foreclosure Alternatives) program, under which you can receive financial assistance for relocation.
Feel free to contact me directly if you have further questions.
Natalie Feldman
GreenRock Real Estate Solutions
is it possible to refinance 2 loans (primary and secondary) when I'm underwater in home equity
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.