Are they any programs available to refinance my home even th

jordan31 · Joined: 13 Apr 2008 Posts: 1 1.34 Dollars($)

I have a first mortgage of $216,000 and line of credit second mortgage at $33,000. I attempted to refinance with Countrywide, my current lender. The last message I received is that they are having problems with appriasal. Since they have lost all records of the loan. It's almost as if the application never existed. I am in a DR Horton community that is still selling homes up to $270,000. There are few a forclosures in the neighborhood but there are also new homes that have sold. What can I do?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi jordan,

Welcome to the forum.

If the appraised value is lesser than what you owe then you may not be able to refinance. Have you appraised the property recently? If the value of your neighboring areas is $270,000 then it not lesser than what you owe.

You should shop a bit for lenders. You can even get "No-obligation free consultation" from the rated lenders of this community to know whether you can be able to refinance or not at http://www.mortgagefit.com/

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Mon Apr 14, 2008 7:36 am Post subject:

your best bet is probably an fha loan. you are able to borrow up to 95% of value if you are getting cash back at closing; 97% if you are strictly paying off your existing mortgages plus covering closing costs.

speak with a lender who may be able to obtain a reasonable market analysis prior to ordering an appraisal. there is no need to waste money on an appraisal that will not allow you to borrow. of course, if your value is insufficiently high to allow you to refinance, but sufficient to pay most of the debt, the possibility exists that you might be able to supplement a remortgaging with a personal loan in order to pay all that mortgage debt off.

don't give up hope - just make sure you know precisely where you stand as quickly as you can.

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