Posted on: 01st Mar, 2012 09:13 am
We purchased 121 ac of unimproved solid timber in the Ozarks in 2004 at that time the land appraised properly we then went to our bank and opened a construction loan to build our house our personal banker kept bringing his appraisal friend from the kc,ks to do ap[raisals. short version we have a 245,000.00 construction 3 year baloon 275000.00 since 2008 and can not get a 30 fixed because of no comps and people selling off land for less that we paid for ours because they are in trouble our bank keeps renewing the baloon, and the personal banker has been fired for several deals such as mine, but that does not help me with the interest rates and getting this paid off what can I do? I have wasted my time with several different mortgage lenders to no avail the answere is always the same, no comps loan to value to close
hi teri!
welcome to forums!
unless you have the required equity, you won't be able to refinance your existing mortgage with a new one. unless there are comps it will be difficult for you to get an appraisal to decide whether or not there is equity in your property. you are in a tough situation and may have to get rid of the property in order to get rid of the loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
unless you have the required equity, you won't be able to refinance your existing mortgage with a new one. unless there are comps it will be difficult for you to get an appraisal to decide whether or not there is equity in your property. you are in a tough situation and may have to get rid of the property in order to get rid of the loan.
feel free to ask if you've further queries.
sussane