Posted on: 28th Nov, 2009 03:31 pm
I owe ~165000.00 on my current home loan. I need to relocate to a better job. 4 homes have forclosed in the neighborhood, bringing the appraisal down. 2 have sold for ~140000.00. I paid 176,000 on my home. It is 2 years old.
You cannot borrow the difference. However, you may qualify for the DU Refi Plus prograam.
How much is the mortgage at present? if you had a decent deposit or ahve made aggressive repayments you may be able to sell for something close to the mortgage amount?
you have a very low/ -ve equity in your home. i do not think you will get a mortgage loan.
Better try with DU Refi Plus prograam as suggested by Eric1
Better try with DU Refi Plus prograam as suggested by Eric1