| Author |
Message |
|
|
Ohio
Guest
|
 Posted: Wed Oct 14, 2009 10:58 am Post subject: Need to refinance but have foundation damage |
|
|
Conventional mortgage in Ohio. Owe 90k on 1st @ 7% and 20k on 2nd at 7.5%. Last appraisal 130k by county, years ago. I can't refi because if I get an appraisal with "severe" foundation damage, what's my home worth? Not looking to cheat anyone, just need to reduce payment; CC are 40k, wife can't work, child home schooled and my hours cut. I make 45k. Never late with mortgage payment in 15 years. Never late on CC. Score was 700; low because of debt. Don't want to move, just don't know how long I can keep current. Not much stuff left to sell. Any suggestions appreciated.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
 eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 Dollars($)
|
|
|
Ohio
Guest
|
| Posted: Thu Oct 15, 2009 4:12 am Post subject: |
|
|
50k to fix foundation, falling basement floors and cracked walls.
My friends are as poor as I am. |
|
|
eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 Dollars($)
|
|
|
Ohio
Guest
|
| Posted: Thu Oct 15, 2009 11:21 am Post subject: |
|
|
Thanks eric1,
But my problem is not how to fix or pay for the home repairs, it's how to refinance a conventional loan without an appraisal so I can pay my bills! |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
| Posted: Fri Oct 16, 2009 1:55 am Post subject: |
|
|
| Refinancing the property without an appraisal would not be possible. The lenders would want to check the equity in your property before giving you a loan. If the property is not appraised, they would not know the value of the property. You should note that if the property does not have equity, then you would not be able to get a refinance. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7433
Location: bloomfield, ct
67.00 Dollars($)
|
| Posted: Sat Oct 17, 2009 9:22 am Post subject: |
|
|
agreed - you cannot obtain a new loan without an appraisal. the days of the appraisal waiver have undoubtedly passed. i would have to think that contacting your insurance company would have value - guess not, huh?
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
|
| Posted: Sat Oct 17, 2009 9:29 am Post subject: |
|
|
| George is corrrect. We no longer have those days |
|
|
