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upside down refinancing

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dallasthefish Joined: 21 Aug 2011 Posts: 1 1.36 Dollars($)	Posted: Sun Aug 21, 2011 6:13 am    Post subject: upside down refinancing Like 0 Dislike 0 I've never missed a payment or been late on a payment. I have excellent credit. My mortgage has been sold 4 times since I bought my house and is now owned by a collection company that will only use Quicken Loans for refinancing. Quicken Loans won't give me the time of day because they say my house is only worth $30,000 and I owe $122,000. The house is only 5 years old and the permits just to build it cost $50,000. I just accepted a job in another state and there is no way I can sell my house. All I want to do is refinance to the lowest rate I can get and try to rent it out. Any thoughts?
mortgagecanada Joined: 21 Aug 2011 Posts: 1 Location: Canada 1.16 Dollars($)	Posted: Sun Aug 21, 2011 5:33 pm    Post subject: RE Like 0 Dislike 0 A lot of people are in the same boat. You're just not going to be able to refinance it right now. 1. You're going to have to take the monthly loss and rent it out. 2. You can't and you try and short sale or a loan mod. It sucks but that's the economy right now. Sorry! _________________ Find a mortgage broker in Canada free mortgage application canada
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Mon Aug 22, 2011 9:32 pm    Post subject: hi dallasthefish ! Like 0 Dislike 0 You are quite unfortunate on your current situation. Whatever you do there will always be a loss of money involved. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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