Zillow Advice: Refinance - refinance - I own a condo which i dont live in. I had to move for a job and now rent the condo out http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ Zillow Advice | Zillow Real Estate Have you given any thought ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ Have you given any thought to just selling your condo at a loss? If you have declared it as a rental on your tax return for a few years you can likely deduct any loss you have from selling on your next tax return (verify with your CPA) and get a nice refund back. Wed, 02 Apr 2014 06:16:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-02T06:16:00Z If your loan qualifies for ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ If your loan qualifies for a HARP refinance, then there's no need to throw money at the balance unless you really want to. Even if you have an FHA loan, you can likely do this. <br/>You can check for yourself here to see if you loan is backed by Fannie or Freddie:<br/><a href="https://knowyouroptions.com/loanlookup " rel="nofollow">https://knowyouroptions.com/loanlookup</a> <br/><a href="https://ww3.freddiemac.com/corporate/ " rel="nofollow">https://ww3.freddiemac.com/corporate/&nbsp;</a> Tue, 01 Apr 2014 20:59:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-01T20:59:00Z Hi John:It your home is held ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ Hi John:<br/><br/>It your home is held by Fannie or Freddie, we may be able to help.&nbsp; Please email or call to discuss.<br/><br/>Best regards,<br/><br/>Patty Harrison<br/>Smart Mortgage Tue, 01 Apr 2014 17:25:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-01T17:25:00Z Hello John You will want ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ Hello John <br/>You will want to speak with a lender and see if you can qualify for a HARP refinance.&nbsp; This will depend on the date that your current loan was closed and funded. <br/>You will also want to make sure that a refinance is beneficial - this can depend on the costs - and how long you have left on the current loan Tue, 01 Apr 2014 17:05:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-01T17:05:00Z John-It sounds like the difficulty ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ John-<br/><br/>It sounds like the difficulty with your loan is going to be the LTV(Loan to Value) on an investment property. I assume that you will be doing a rate and term refinance to drop your rate. Where the problem arises is that it must be an 80 LTV so for instance say the condo is worth 100K, the loan amount must be 80K. Because you owe 130K(round up)&nbsp;the loan amount must be 104K, with you having 25K available it seems like we could definately figure out a way to make it work.<br/><br/>To be able to say I can get this deal done though I would need more information about your personal finances because not only does the LTV come into play, we also have to consider your DTI ratio (Debt to Income) as well as Credit Score just to mention a couple things that may take this refinance out of possibility. <br/><br/>Please contact me if you'd like to know more,<br/><br/>Andrew Tue, 01 Apr 2014 16:57:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-01T16:57:00Z What type of loan do you ... http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ <p>What type of loan do you have now and what date did you purchase you home.&nbsp; Perhaps, you could see if your home would qualify under the HARP program.&nbsp; Existing loan must have a note date on or before May 31, 2009.&nbsp;<br/><br/>You could look up this information by using the loan look up on <a href="http://www.fanniemae.com" rel="nofollow">www.fanniemae.com</a></p> Tue, 01 Apr 2014 16:54:00 GMT http://www.zillow.com/advice-thread/refinance-I-own-a-condo-which-i-dont-live-in-I-had-to-move-for-a-job-and-now-rent-the-condo-out/534691/ 2014-04-01T16:54:00Z