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sheath1550 · Joined: 18 Dec 2008 Posts: 1 1.38 Dollars($)

I have a first mortgage, 30 year fixed at 5.37%. I owe around $144,000 on that one. I have a home equity loan on which I owe around $24,000. I would like to combine the two and refinance at the lower rates offered right now, around 4.96%. That means I would need to refinance for around $168,000. My home is only worth about $130,000 right now. Is it not possible to only refinance (no cash) with no equity? That doesn't make sense, that is what I was told by my current mortgage lender (Ditech). ?? By the way, I have EXCELLENT credit and have never missed or been late on any of my morgtage payments

Guest

Yes, it does not make any sense at all. We are on the same boat.

You will be able to get a $168k loan if your property will be appraised for $210K.

This is surprising to all of us who are in need. They may decrease the interest rate to 0% but the help is not directed to people who are in the same position like us.

Even you have a clean or high credit score, with property values went down a lot to the minimum. How could most of us be able to get out of this situation.

smithsussane · Posted: Thu Dec 18, 2008 8:42 pm Post subject:

Hi sheath!

Yes, if there is no equity in the property, I don't think any lender will agree to give you a refinance. As your current lender is not willing to refinance, you can speak to other lenders. But chances are less that they will refinance the mortgage. Moreover, you should also think about the closing costs before you decide to refinance the loan.

Sussane

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