Our HELOC is due in a balloon payment soon, refi was declined due to low appraisal. Now what?

Author Message
Icon Mini Profile bretymom





Joined: 14 Apr 2009

Posts: 1

1.48 Dollars($)
Post Posted: Tue Apr 14, 2009 11:23 am    Post subject: Our HELOC is due in a balloon payment soon, refi was decline
Like
Dislike

Our HELOC is due in a balloon payment soon, refi was declined due to low appraisal. Now what?...We have a HELOC that is due soon in a balloon payment. We can not pay this so we tried to refinance it with the same bank that first administered the loan. It was declined because to appraisal came back too low. They gave the loan in the first place and thought the value was sufficient. I realize the economy is a huge issue here but I am not sure what my best option is now. Our current mortgage is an FHA mortgage and we would consider refinancing them both if that is the best option. Any suggestions?
Icon Mini Profile mtgfixit





Joined: 13 Apr 2009

Posts: 73

28.13 Dollars($)
Post Posted: Tue Apr 14, 2009 2:45 pm    Post subject:
Like
Dislike

You might be able to refinance and pay off both mortgages, it depends on the equity in the home with the new appraised value, what did the appraisal come in at and how much do you owe on your first mortgage as well as the 2nd mortgage? FHA is most likely the best option if the equity is tight.
_________________
Karla A. Sitko
Sr. Mortgage Banker
"Your Interest Is My Priority!"
www.LowerMyMortgageRateNow.com
Guest









Post Posted: Tue Apr 14, 2009 4:17 pm    Post subject:
Like
Dislike

owe 48,000 on 1st mortgage and 25,000 on second mortgage in this market, it should be realistic to expect 75,000. I am not sure where the appraisal came in at we are still waiting on that information
Icon Mini Profile mtgfixit





Joined: 13 Apr 2009

Posts: 73

28.13 Dollars($)
Post Posted: Tue Apr 14, 2009 6:23 pm    Post subject:
Like
Dislike

You would be at 97% loan to value, which means that if we were able to get you approved for an FHA loan, you would have to come to closing with money, to cover your escrows. Another option at this point is a DU Refi Plus, this will allow you to refinance the first mortgage at a lower fixed rate and request a subordination for the 2nd mortgage, of which this program does not have a cap on the combined loan to value (CLTV)
_________________
Karla A. Sitko
Sr. Mortgage Banker
"Your Interest Is My Priority!"
www.LowerMyMortgageRateNow.com
SD

Guest







Post Posted: Sun Nov 01, 2009 5:13 pm    Post subject: Ballon help
Like
Dislike

I have a 50,000 baloon due in May 2010. I have equity in house . This is an"out of plan" loan on a Chapt 13. Is there room to work out the balloon? House worh 200 , 1st mortgage is 75 000. credit score around 680-700
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1516

227.77 Dollars($)
Post Posted: Sun Nov 01, 2009 5:59 pm    Post subject:
Like
Dislike

Please see the other thread you started for an answer
_________________
Eric JLow Down Payment, No PMI !
FHA RATE QUOTE
Mortgage Rate Quote
willie b

Guest







Post Posted: Sat Dec 03, 2011 5:01 am    Post subject: intrest paid on a escrow
Like
Dislike

i had funds put in an escrow account in 1994, these same funds have never been paid and i have been paying intrest since, they should have rolled over to the principle loan after one year, how do i get the lender to release these funds or apply them to my account balance
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Sun Dec 18, 2011 11:59 pm    Post subject:
Like
Dislike

Welcome willie,

You should immediately negotiate with the lender and try to sort out the matter. If they are not ready to negotiate, you should contact an attorney and take his opinion in this regard.

_________________
Procrastination is the enemy of your financial success
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.507 seconds.