Dec
14
Can you refinance your home loans even though your house is worth less than what is owed?
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We have 2 loans and with the interest rates going down, it may be in our best interest to try and refi and have lower payments though most people would tell us to just walk away and buy a cheaper home….
Sell and Rent Back
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5 Comments
December 15th, 2009 at 2:55 pm
Why would anyone lend you more $$ than the house is worth?
December 17th, 2009 at 3:29 pm
Not unless you come up with the shortfall in cash.
December 19th, 2009 at 3:33 am
Shop around and see what the various lenders say.
December 19th, 2009 at 7:04 pm
Unfortunately no. You will have to make up the difference, and many lenders are only lending 80% of value at this point. Can you refinance one of your loans?
December 21st, 2009 at 5:33 pm
Unfortunately no. The lender requires the home as security for the loan and will only loan up to the amount that it can be appraised for. Given the current mortgage industry crisis, it will be difficult, if not impossible, to even get a loan for 100%it’s appraised value.
Hope this helps.