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williamwickiser · Joined: 24 Nov 2008 Posts: 1 1.28 Dollars($)

With all the foreclosing and people unable to pay monthly payment. What about the people who are just upside down on LTV and have great credit and just want to refinance at a fixed rate?

jameshogg · Posted: Tue Nov 25, 2008 12:55 am Post subject:

Hi williamwickiser,

Whether you will get a refinance or not will depend upon the market condition of your area. If the markets are declining in your area, then it will be tough for you to get a refinance. Presently, the fixed rate is going around 6%. There are chances that the mortgage rates will lower a bit in this week. I think you should speak to the lenders once and see what they have to say.

Thanks

ctrotta · Posted: Tue Nov 25, 2008 8:04 am Post subject:

If you are upside-down in your equity, your best shot is to try for a loan modification or a principal reduction, and I would highly recommend investing in an attorney-based modification company in lieu of doing it yourself - the banks give more credence to legal representation. Modifications are not just for those who've fallen behind on their payments, especially if you have an ARM or negative amortization loan. If you can show the re-adjustment will be a major hardship, the lender will be more apt to agree to a modification. If you're just worried about being upside-down, banks will sometimes forgive part of the principal balance, to put you back in a sound financial position. One caveat: if you get a balance reduction, check the details, and understand that you may have to share the profits of a property sale with the bank in the future. If you have questions, you're welcome to email.

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