Posted on: 25th Sep, 2008 11:12 am
here's the scoop, i'm a senior citizen that is living on a limited budget, i'm living check to check and can barely keep up with the bills, i have not been late on my mortgage yet but i foresee it happening this winter in michigan. i want to sell my home, but because of on economy my home is no longer worth what i owe on it. my question is can i refinance my home for the fair market value? does this bailout of freddy mac/ fannie mae have any hope for me? i really need some advice, please help..... thank you
Hello Paige
Welcome to the forums. I wish there was a definite answer to your question. Unfortunately the market is only going to give you an answer when you try to sell. Go find out first if you can refinance. If that does not work and you fall behind you may qualify for a short sale, deed in lieu, or walk away program or other options.
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Welcome to the forums. I wish there was a definite answer to your question. Unfortunately the market is only going to give you an answer when you try to sell. Go find out first if you can refinance. If that does not work and you fall behind you may qualify for a short sale, deed in lieu, or walk away program or other options.
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Hi Paige!
Welcome to the Forums!
I think you can go in for a refinance. However, it solely depends on the lender whether he will be ready to do it or not. I think the lender will agree as you said that you are never late on payments. In case the lender doesn't agree, you can try for repayment plans available with the lender. Chose a plan through which you will be able to repay your debts slowly.
If the option of repayment plans are not working then you can go in for short sale or deed in lieu.
Feel free to ask if you have further queries.
Sussane
Welcome to the Forums!
I think you can go in for a refinance. However, it solely depends on the lender whether he will be ready to do it or not. I think the lender will agree as you said that you are never late on payments. In case the lender doesn't agree, you can try for repayment plans available with the lender. Chose a plan through which you will be able to repay your debts slowly.
If the option of repayment plans are not working then you can go in for short sale or deed in lieu.
Feel free to ask if you have further queries.
Sussane