Will a bank allow me to refinance my current loan balance ($65K at 7.5%) on a home that is now only worth $40K?

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Will a bank allow me to refinance my current loan balance ($65K at 7.5%) on a home that is now only worth $40K?

adonis

Posted on: 27th Oct, 2010 10:44 am

can i get a bank to refinance my current loan balance ($65k at 7.5%) to a lower market rate on a home that is now only worth $40k? i have lived here for a long time and do not want to move or forclose.

Total Reply : 1

Hi cbecker,

You don't have equity in your property. In such a situation, you won't be able to get a mortgage refinancing. As you want to save the property, it's better for you to contact the lender and apply for a loan modification and get an affordable repayment plan to pay off the dues.

adonis

Posted on: 28th Oct, 2010 01:49 am

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