Posted on: 27th Oct, 2009 04:21 am
OWE D $630,000, zillow.com states value $429,000. Mortgage owned by Litton who is uncoperative in loan modification or paying insurance/taxes. 2 Rental properties unable to sell, 1 vacant.
hi,
if your property is valued at less than what you owe on it, you will not be able to refinance the loan. you will not be able to pay off the existing mortgage and remove the lien from your property. however, a short refinance could be a possibility. in a short refinance, the lender agrees to accept less than the original amount owed. you can then refinance at the current property value and pay off the existing mortgage in part. the remaining amount of the mortgage debt is generally forgiven by the lender.
if your property is valued at less than what you owe on it, you will not be able to refinance the loan. you will not be able to pay off the existing mortgage and remove the lien from your property. however, a short refinance could be a possibility. in a short refinance, the lender agrees to accept less than the original amount owed. you can then refinance at the current property value and pay off the existing mortgage in part. the remaining amount of the mortgage debt is generally forgiven by the lender.
you can refi asecond owned property. It falls under the category of investment property.
I just closed on my refinance. Went from a 30 year fixed to a 15 year fixed. I'm now paying roughly $190 more each month, but will pay of my mortgage in half the time. I'm saving over $200,000 in interest cost!
Just be sure to do your homework on rates and programs, especially if you have special circumstances such as poor credit or income challenges.
I just closed on my refinance. Went from a 30 year fixed to a 15 year fixed. I'm now paying roughly $190 more each month, but will pay of my mortgage in half the time. I'm saving over $200,000 in interest cost!
Just be sure to do your homework on rates and programs, especially if you have special circumstances such as poor credit or income challenges.