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Replies (3)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
LM2- You did not state how you arrived "at the fact that the current vakue of the house ($410K to $440K)."
I would be happy to provide current comparable sales in your area, to see if the value is what you have arrived at. If you wish to do this, it may be best to provide your address via personal email. Best wishes.
Happy funding, Rudi
I would be happy to provide current comparable sales in your area, to see if the value is what you have arrived at. If you wish to do this, it may be best to provide your address via personal email. Best wishes.
Happy funding, Rudi
- Ray Blindauer, "SigmaWealth"
- Contributions:246
- blaison samuel, "eastbayprofessional"
- Contributions:49
If your house value is lower than what you owe and your loan is not fannie or freddie to get qualified for HARP program then it would be hard for you to get refinance. The other option is to try loan modification if you cannot afford your current mortgage payment or short sale. Let me know if you want to know more information on all your options.
Good luck!
Blaison
Good luck!
Blaison
refinancing options, creative solutions needed
Hi all,
I am trying to refinance my current home mortgage and am reaching a dead end because the potential lenders are balking at the fact that the current vakue of the house ($410K to $440K) is less than what I currently owe.($477K). I don't qualify for HARP refinancing. since my loan is not owned by Fannie Mae or Freddie Mac.
How can I move forward?
thanks in advance?
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details:
Paid $570K for the house in Calilfornia in 2005. Currently valued anywhere between $410K and $440K.
I have a primary mortgage @5.125 which is a 7/1 year arm.(7 years are up in a month).There is still 400K remaining on that mortgage. I also have a secondary mortgage of 6.75, of which 77K is still remaining. The fixed duration of the 7/1 arm is ending shortly. After the fixed portion of my arm ends, my monthly mortgage for the next year, will come down.
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