Need to refinance a home I no longer live in.

I have moved from California to Georgia and was unable to sell my condo in a declining market. We only lived in the condo for a year and paid more for it than it is worth. Is there any hope to refinance it to reduce our mortgage payment so that the rent we're receiving from it will come closer to covering all the costs? Our original mortgage was at 6.25% and we only paid 5% down. Now that prices have fallen, we'd really like to refinance, but haven't figured out if we can.

smithsussane · Posted: Thu May 28, 2009 8:37 pm Post subject:

Hi Guest!

Welcome to forums!

If there is equity in the property, then you can try for a refinance. But as you're not staying in that property, it is the lender's discretion to decide whether he would refinance it or not. I would suggest you to speak to the lenders of your area and check out what type of rates and terms you would receive.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will give you an idea whether you would get a refinance or not.

Feel free to ask if you have further queries.

Sussane

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