| Posted By |
Message |
nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
|
Re-fi when your house isn't worth as much as your mortage?
Did anyone do this? Our house is worth about 75K less than what we owe. Did anyone re-fi under one of Obama's plans. Could you tell me who you did it with?
Thanks!
|
Posted 8/24/10 12:09 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Re-fi when your house isn't worth as much as your mortage?
My house is worth considerably less than when we bought in 2006 but we also have a lot of equity in our home because we put down a large down payment. There is a certain ratio they work off of (not sure of the exact formula) which banks go by if you are allowed to refi or not.
|
| Posted 8/24/10 12:23 PM |
| |
|
TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
|
Re: Re-fi when your house isn't worth as much as your mortage?
I don't think banks will let you re-fi at that point. Can you do a mortgage modification instead?
|
| Posted 8/24/10 12:48 PM |
| |
|
drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
|
Re: Re-fi when your house isn't worth as much as your mortage?
I refinanced under Obama's plan - didnt have to show anything, did it all over the phone and they lowered our rate for us..the only out of pocket expense for us was the bank fee, the closing costs got rolled into the mortgage..saving around $300 a month now..
ps - we were only in the house a year so we couldnt buy any points, but if you are in longer you can see about having them do that as well to bring it down more..we were able to lower our interest around a point or so..my friend who was in her house longer was able to buy a point...our loan is through bank of america, i believe if it is a fannie mae or freddie mac loan it can be done..hth
|
| Posted 8/24/10 12:59 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Re-fi when your house isn't worth as much as your mortage?
you can refi under the obama plan to 105% of the homes value
|
| Posted 8/24/10 1:00 PM |
| |
|
LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
|
Re: Re-fi when your house isn't worth as much as your mortage?
We did. Saved almost $300 per month. We only lost about $10k on our home but we did put down a large down payment.
|
| Posted 8/24/10 1:47 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: Re-fi when your house isn't worth as much as your mortage?
but doesn't this option require you to do a modification loan for 40 years?
|
| Posted 8/24/10 3:02 PM |
| |
|
Charly
LOVE!
Member since 5/05 12578 total posts
Name:
|
Re: Re-fi when your house isn't worth as much as your mortage?
we tried to but our house appraised for less than we had paid in, so the only way we could re-fi was to pay down more equity to get us to the appraisal number. Oh well
|
| Posted 8/24/10 3:27 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Re-fi when your house isn't worth as much as your mortage?
Posted by MrsFlatbread
but doesn't this option require you to do a modification loan for 40 years?
no
first they lower the rate
if the ratios work - then they stop
if they don't- then they try for the 40 years
the goal of the loan mod is to get your housing ratio to 31% of your gross income
|
| Posted 8/24/10 3:53 PM |
| |
|
MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
|
Re: Re-fi when your house isn't worth as much as your mortage?
We are in the process of refinancing now and our appraisal came in less than we bought it at 3 1/2 years ago. It can work depending on how much you owe verses the amount of the refinance. It is worth looking into.
|
| Posted 8/24/10 6:26 PM |
| |
|
justthe4ofus
I hate hypocrites!!!!!
Member since 5/05 6905 total posts
Name:
|
Re: Re-fi when your house isn't worth as much as your mortage?
Do you call the bank your loan is with to find out if you qualify or is there a website you go through?
|
| Posted 8/25/10 12:16 AM |
| |
|
Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
|
Re: Re-fi when your house isn't worth as much as your mortage?
Posted by justthe4ofus
Do you call the bank your loan is with to find out if you qualify or is there a website you go through?
IMO - call the bank that your loan is with.
|
| Posted 8/25/10 1:03 AM |
| |
|
Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
|
Re: Re-fi when your house isn't worth as much as your mortage?
What if you don't have a Fannie Mae Freddie mac loan? There has got to be some help out there for those that don't have those types of loans. I HOPE
|
| Posted 8/25/10 1:04 AM |
| |
|
