I OWE MORE THAN WHAT MY HOME IS WORTH CAN NOT GET A REFINANCE OR CONCODILATION I HAVE 13 1/2 YR LEFT TO PAY?
Economy is tough now, but Im sure in a few years your home value will go up. Therefore I would say wait a few more years, and see if the value of your home starts to go up, if not maybe talk to a friend or family member about your options.
Is it bad to have a mortage worth more than your house?
uh, yes… it’s called “being upside down”… it’s bad if it’s a house, a car, or anything else that could be damaged, destroyed or you need to sell.Image loosing you job and needed to move. You sell you house and have to write a big check so that you can sell it. That happens to people in parts of the US where real estate has large swings in value, high when things are good, low then they are bad. This used to happen to people in California… they’d move then things were HOT, pay $700,000 for a house, a few years later the economy tanks, the house drops to $500,000 and they loose their job. Now they’re screwed… sell the house for $500,000 and write a check for $165,000 (or whatever the buy out is on the loan) and move… odds are really good they don’t have the money…
How can I sell my house that is worth less than I paid for?
The first step to make your current home more valuable is to make it look better at low cost. Maybe you have some friends that have skills in different crafts. tidy up your garden / fencemaybe repaint your housecheck your lightsclean the windowstry to get more space (get rid of some furniture; this will make your buyer think that your house is bigger than it actually is)This bullets can all be done at very low cost but will make your house a better selling item.
Can I refinance if I owe more then my house is worth?
Unless you are about to lose the property due to your rates adjusting, hang tight and wait for the value to increase over the next few years. It is in your best interest to gain equity in the property before refinancing, and 100% financing is risky and difficult to find. Plus it will cost you more $$ to refi than you'd likely save over a period of 1-2 years. If your rates have just adjusted and you can't afford the new payment, call your lender and see if they will help you extend the entry rate.
What are the options if you owe more than what your home is worth?
At the time we purchased we paid less than what it was worth, but now it's worth less than half what we paid. We want to move out for other reasons, but can't get rid of it without being in debt. We have no problem making the mortgage payment or anything like that, it's just we want to move on to something better but are being weighed down by this, and we can't afford two homes. Can anyone please direct me to any websites or any other info that may help find a solution to get out from under this without completely crippling our credit? We would gladly walk away with no gain as long as we weren't scathed too badly. We live in CA. Thanks, Shaun
Can I refinance even though I owe more then my house is worth?
I bought my first house in 2007. It seemed like a good idea at the time… I ended up buying a 2bed/1bath condo for 170K In the Scottsdale, AZ area. I put about 8K down. Making for a loan of 162K. Interest rate was 5.95%. Not to bad I thought. Now three years later I’ve paid that mortgage down to about 150K. (I’ve been paying extra each month) However the house is probably only worth about 60K-110K, why such a wide range, well different estimating sites have been saying different things. I won’t know until I get an estimate, which I will not do until I know if a refi is even in reach for me. I’ve seen that everyone who can, is refinancing right now to take advantage of <4.5% interest rates. I’d like to too. But I’ve been told you can’t refinance a home at anything more then an 80% loan to value (LTV). In my best case scenario I would be around 136% LTV. So I’m out of luck right? Well I’ve heard that some places are taking refinancing deals if your credit is good enough. My wife and I are both well over 750 on our credit reports. We’ve never missed a payment, on anything. So my question is? Is a refi for someone in my situation possible? If so, who is doing these type of deals?