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Guest

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.

eric1 · Posted: Wed Oct 14, 2009 4:22 pm Post subject:

How much would it cost to fix the foundation? potentially borrow from a friend until you refinance and cash out the funds needed to cover that.

Guest

50k to fix foundation, falling basement floors and cracked walls.
My friends are as poor as I am.

eric1 · Posted: Thu Oct 15, 2009 10:43 am Post subject:

$50k !!??? WOW...I will not even pretend to have a solution for you. Well....wait a minute....

Read the details of your homeowners' insurance policy carefully. You MAY be able to place a claim if the cause of the damage fits into their guidelines.

Guest

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 · 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 · 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?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

George is corrrect. We no longer have those days

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Need to refinance but have foundation damage