Posted on: 02nd Sep, 2010 05:38 pm
i purchased a home in ca bayarea for $695000 in 2007.we have a first loan of $556000 and a heloc of $48000.
the prices have gone down and we are not able to refinance.are there any options for " no equity refinance" for people whose income is decent and we dont qualify for the low income group or neither is our loan with fannie mae or freddie mac.
is there any way we can reduce our monthly mortgage payments and use the low mortgage rates that are available
the prices have gone down and we are not able to refinance.are there any options for " no equity refinance" for people whose income is decent and we dont qualify for the low income group or neither is our loan with fannie mae or freddie mac.
is there any way we can reduce our monthly mortgage payments and use the low mortgage rates that are available
Hi shreethej,
As there is no equity in the home, you won't be able to qualify for a refinance. Unless, there is 20% equity in the property, lenders will not be ready to give you a mortgage refinance. You can let the lender know about your financial hardship and check out if he can modify your loan and give you an affordable repayment plan.
Thanks
As there is no equity in the home, you won't be able to qualify for a refinance. Unless, there is 20% equity in the property, lenders will not be ready to give you a mortgage refinance. You can let the lender know about your financial hardship and check out if he can modify your loan and give you an affordable repayment plan.
Thanks