Posted on: 29th Jan, 2011 10:51 am
i have an old house that i had bought originally just for $30,000 as an investment property and had $19,000 covered from a 3rd party that invested half of the value for their deal plus interest. they gave us a three year term with %14 so we can get through closing and find another bank to refinance at a later date. 3 years has passed and i hadn't looked for another bank due to some personal issues. now any payment we give will not cover anything significant since they are also covering our property taxes along with our payment. i would like to know if it is possible to refinance when what is owed is so little? i know my payment would be significantly lower with lower interest and longer terms but i don't know of any banks that do that sort of thing. please help!
If you have equity in your property, you will be able to get a mortgage refinance. You should contact the local lenders for the same. If you meet all the required criteria of the lender, you'll be able to refinance the mortgage.
It's true that loans less than $50K are difficult to obtain - the expense involved in origination is exorbitant, and many times, the lenders are unable to find a cost-efficient way to do it.
You might be able to work with a lender that would be willing to use its home equity or home equity line of credit product to do such a loan. The best bet is to get on the phone and call around to see if you can find someone who can reasonably get you the funds you need.
You might be able to work with a lender that would be willing to use its home equity or home equity line of credit product to do such a loan. The best bet is to get on the phone and call around to see if you can find someone who can reasonably get you the funds you need.
