Posted on: 07th Aug, 2011 11:47 am
I need some advice about refinancing my home. My home is currently on a 10 year note but I am now disabled with Leukemia. I can't afford the monthly payments and I need cash out to fix my home to make things easier for me. According to Zillo.com, the average home price in my area is $102,000. I owe $42,000. I have some work in progress and don't want an appraisal done. I have excellent credit score of 800. Please, who can help me?
hi fran,
unless you go for a property appraisal, you won't be able to know whether or not there is equity in your property. unless there is equity in your property, you won't be able to refinance it though you have an excellent score. you should contact your lender and apply for a refinance asap. he will check your financial situation and your property value and let you know whether or not you'll get a refinance.
unless you go for a property appraisal, you won't be able to know whether or not there is equity in your property. unless there is equity in your property, you won't be able to refinance it though you have an excellent score. you should contact your lender and apply for a refinance asap. he will check your financial situation and your property value and let you know whether or not you'll get a refinance.
Take a look into reverse mortgage if you are 62 or older. It may help in your situation. Good luck
The only solution that may possible work is FHA's 203k mortgage. It's a Forward Mortgage and designed for homes that need repairs, but I'm not sure if it can be used to refinance an existing mortgage. You'll need to ask a 203k expert about that.
Like Chris says, if you're 62 or older a Reverse Mortgage would work well. It's designed for homeowners to take repairs into the loan, and the Lender gives you 9 months to complete the repairs.
Like Chris says, if you're 62 or older a Reverse Mortgage would work well. It's designed for homeowners to take repairs into the loan, and the Lender gives you 9 months to complete the repairs.
