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Additional Details
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jack a | Mortage with negative equity and need to refinance, guidance please.? |
I have a mortgage and now my equity is in the negative. But how can i refinance, without putting any more money in, does anyone have any ideas or gone through this. My loan is fixed right now at 6.25% but will go to a variable rate in 3 years. i'm afraid of staying here and in 3 years, the values going down even more and not being able to refinance at all, anyone have any ideas, or gone through this. |
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Landlord
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Well, you CAN'T refi now.
But, since you do not need to worry about it for 3 years I think you should sit tight.
This market readjustment will NOT take another 3 years. Things should be settled by then. The interest rate might be higher though, I am expecting that.
You have 3 years to get your credit rating high and save up some cash if there is still a deficient between the amount you originally spent and the amount you can refinance for. |
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bianca
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your fixed rate even with your negative amort. loan is not bad- i hope you did not take this loan to pay min. payment they offer you . you have to make right now your interest only payment and this way you will not have neg amort. or put in your min payment as much as you can to lower neg. amortization . if you will refinance now- your rate will be about the same so it is cheaper for you to pay your at least interest only option payment. i don't know which lender you have, but some of them have provision, then you can for a small fee lock fixed rate later without going true refinancing |
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GodBlessAmerica
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If your first mortgage is less then what the house is worth then you can do it. I know someone who is doing government loan programs to help people out of the current situations they are in. He is very aggressive and knows all kinds of programs out there that could help you out that require little or no equity and they don’t care about the fico score.
You should really shoot him an email. Mike@afbankloans.com
Good Luck!! |
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Nancy K
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Try using http://Refinance-Today.info to compare refinance rates from the top 4 lenders. |
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Finance&WorkAtHomeSpecialist
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Well if you have negative equity you will need to work with your current bank to see if they will give you a straight 30 year fixed mortgage. No other bank will look at giving you a new mortgage. Banks are no in the business of loaning more then the property is worth. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://tighturl.com/683 |
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Hiker
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This is a tough one. If you walk away your credit is ruined. If you stay until the lender evicts you it would not be so bad on your credit, because everyone knows what caused it. If you borrow money to refinance you could suffer more depreciation and get in over your head. Wow, there is no wonderful answer.
I think I would pay all I could on the mortgage payments, and stay until they evict. It just might turn out that they wouldn't. That is a pretty weak answer, but its the best I have. Good luck. |
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Gary Smith, Realtor®
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Jack if you are in an area of depreciating housing lenders are usually funding only 95 percent of the homes value.
I'm in the same situation, mine starts adjusting in May and I haven't been able to find anyone doing over 100 percent financing. |
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sara sentor
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Jack, have you thought about taking a second mortgage? Second mortgage is the secured loan on the property of the borrower. he home of the borrower acts as a collateral. If you are in urgent requirement of some cash or want to minimize your monthly payments, second mortgage refinance is the way to go for you.
Learn more from: http://www.4refinancemortgage.com/yourmortgagebasics/refinancebankruptcy.html |
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