Posted on: 06th Nov, 2010 10:02 am
i have a 5 years interest only loan for a home that is not worth the amount i owe. for example i owe $150k and my home is probably worth $120k. the interest only is becoming adjustable in the next couple of months so i'm trying to get it fixed but i don't qualify anywhere. is there any alternative that i could do to keep my home. if possible, i would like to refinance for a 30 years with interest and principal because i want the home and don't care if i owen more than what my home is worth. any suggestions or help would be greatly appreicated.
Hi nssmile,
As you do not have equity in your property, you won't be able to refinance your home loan. It is better if you could contact your lender and apply for loan modification. The lender will check your financial situation and let you know whether or not you will qualify for it.
As you do not have equity in your property, you won't be able to refinance your home loan. It is better if you could contact your lender and apply for loan modification. The lender will check your financial situation and let you know whether or not you will qualify for it.