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paying int. only on home paid 345k 2 yrs. ago, now worth 226k. any way to refi? to pay some prin.?

Profile picture for kaylnds
payment keeps increasing due to tax and insurance increases.  Can't understand why when home value has gone down so much that my payments keeps increasing.  Ready to walk away due to furloughs at work, but I am fortunate to have a job and figure that I would somehow have to pay the deficiencies between what bank would get and I would owe.  Help, please!
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September 07 2009 - Highland
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Answers (2)

depending on if you want to put good money towards no value.
if you want to refinance you can do a streamline without an appraisal. if you have a freddie mac or fannie mae.
if you don't want to waiste the money tell the lender you have to sell do to the furlows. once it has been listed on the market for 3 months the bank will let you drop the sales price to going market value. unload the house and move on. if it is a wellsfargo loan. most likely you won't ever be able to finance with wellsfargo. same with the other lenders.
call if you need help.
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September 07 2009
Profile picture for Ericmabrams
Contact your bank and explain your situation.  You can also appeal your property tax increase with your local county assessors office.  There's no reason they should be increasing your property taxes, in this market. 

Call tomorrow morning and don't delay. The more info you have, the sooner, the better equipped you'll be to make an informed decision. 



Best, 

Eric
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September 07 2009
 

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