Refinance home mortgage for negative equity?

REFINANCE HOME MORTGAGE FOR NEGATIVE EQUITY?

Hi, we paid for my residence in 2006 for $450k with no down. Interest rate for the initial loan (80%) is 6.5% as well as we got the 2nd loan with 9.5%. Now the estimated home worth is ~$400k. we know the seductiveness rates these days have been reduction than 5.5%. Can we get the refinance?

3 Responses to “REFINANCE HOME MORTGAGE FOR NEGATIVE EQUITY?”

AE Neuman July 24th, 2010 at 02:29

Can you get a bank to refinance your 450k loan for your 400k house?

No. The Bank of North Stupid has gone out of business–the only ones left are the sharp cookies.

Can you pay down your principle amount to 20% below 400k, then seek a loan at a great rate? Not likely, but that’s what you would have to do.

lender2you July 24th, 2010 at 03:15

You have one option.

First, call your lender(s) and ask to speak to someone in the Loan Modification Department. They should be able to help you get your
rate(s) down.

Please don’t fall for any of the Modification scams going on right now. Anything that they say they can do for you you can do as well directly with the Lender.

Godd luck and I hope this helps

Faith July 24th, 2010 at 03:45

Mortgage refinance of a property is quite hassle free and usually a good idea to save money. Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property.

http://www. worldbestloans. com/Mortgage%20Loan. htm

There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers. Bi-weekly payments let borrowers pay off their mortgage refinance faster.

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