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Mike Rizzo | I need to refinance my house in 4 years. What happens if is worth less than what I paid for it? |
We paid $669,000 for our house at the top of the market(preconstruction). Now the same model is selling for $420,000 and still no buyers! I don't think the market will come back in time when I have to re-fi in 4 years. I have a 5/1 ARM - interest only loan. What are my options? I have excellent credit and have not problem paying my mortage.
Additional Details
We paid $669,000 for our house at the top of the market(preconstruction). Now the same model is selling for $420,000 and still no buyers! I don't think the market will come back in time when I have to re-fi in 4 years. I have a 5/1 ARM - interest only loan. I have excellent credit and have not problem paying my mortage. This is not a NEG AM loan. We don't plan to sell. We couldn't even if we wanted to!!!!! What are my options in 4 years? |
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Landlord
 |
If your credit is excellent why the crappy loan?
You will not be able to refinance unless you come up with the difference in the amount you spent and the amount the house appraises for. |
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patrick
 |
There is something wrong with this story. No where in the nation have prices fallen by 1/3 in the past 12 months.
However, you have 2 choices. If the market value is less than your mortgage amount in 4 years, you can either continue to pay the adjusted mortgage, or you can walk away from it. |
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acermill
|
Your options down the road only include refinancing your house for what it is worth at the time of the refinance. If you come up short, you're going to have to make up the difference in cash out of your own pocket in order to refinance. Unless the market improves, that means you need to come up with $249,000 at closing to refinance what you owe.
The other option, of course, is to continue with the ARM and pay the new interest rates. |
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artwhiterealtor
 |
No one is going to refi your house if it is worth less than the loan balance. That's the bottom line. Perhaps, in light of the current crisis, the current lender would be willing to negotiate something else with you, like switching your loan balance to a fixed rate somewhat higher than what you are paying now. It can't hurt to ask. |
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Dr. Deth
|
You shouldn't have even gotten into an interest only loan - you're not paying down the loan at all! You'll probably lose the house in 4 yrs. |
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Mortgage Man
 |
I highly suggest calling your lender you're with ASAP!! Ask to speak with a manager or someone high up regarding doing a "Loan Modification." Some lenders out there now are taking people from an adjustable rate mortgage, and placing them into a fixed 30 year loan without going through the refinance process. The bank doesn't want you to foreclose on the home, just as much as you don't want that showing on your credit for 7 years! Especially if your telling me your value dropped over 37%! (Which by the way, sounds pretty high for any area in the US. I would pay an appraiser the $350.00 to see what your house is worth first before you go and panic too quickly.) But, overall if you owe more than your house is worth, call your current lender, and see if they'll work out a loan modification to secure you into that home.
Best of luck! |
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Serge M
|
You don't provide enough information. What is the balance of your mortgage? You do not have to refinance in four years. You can simply keep the existing mortgage and pay the new monthly payments at whatever rate the mortgage adjusts.
If your mortgage is less than 80 percent of the value of your house four years from now, you should have no trouble refinancing.
There are other options that are less palatable, such as defaulting on the mortgage and going through foreclosure, but it would ruin your credit rating. If you plan to live in the house for a long time, don't worry, its value will increase again. Since you are able to maintain the payments, your best option is to do nothing.
You appear to be trying to sell. A lot can change in four years. Stick it out for a while, or keep the selling price above what you owe on the house. |
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TheMom
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Wow Mike, I read your comments about being in a great position after foreclosure.
Do you realize that you have to pay income tax on the difference between the money you borrowed and whatever they can get if you foreclose? Can you really afford to pay taxes on additional 250-300k income? You are asking for some serious problems with the IRS. You may not have equity but you spent a lot of money and it is not just a freebie because you are paying interest only.
Did you think this through? You are talking about flushing your credit down the toilet and accruing a HUGE tax debt with the IRS and your state. |
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Kathryn
 |
Remember that in refinancing, you have to pay off the existing mortgage balance with the funds you get from refinancing. And the most you can get when you refinance is the appraised value of the house. Unless you put down a huge downpayment, chances are you'll owe more than the house is worth four years from now. In that case, you won't be able to refinance. |
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Rocky Mountain High
 |
Unfortunately if your home is worth considerably less than what you owe, no bank in the world is going to refinance you. This is why so many people are losing their homes now, because they were qualified to pay the lower monthly rate but not the adjusted rate, and were also told they could refinance before their loan adjusted and what they didn't realize was that if the economy took a dump they wouldn't be able to refinance, so now they are stuck with a mortgage that has now adjusted to an obscene interest rate and now instead of paying $3000 a month they're paying closer to $5000 a month. This is why creative financing, while handy for someone who doesn't have a downpayment etc., is not the best idea. |
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