Posted on: 28th Aug, 2013 01:03 am
I am about $100K down on our home. Is there a way to get the property re-appraised for what it is currently worth and refinance depending upon that new value?
Hi Konstant,
If the property is underwater, then you will not be able to get a refinance. You need to have equity in the property in order to get a refinance.
Take care
If the property is underwater, then you will not be able to get a refinance. You need to have equity in the property in order to get a refinance.
Take care
Hi Konstant!
Welcome to the forums!
I agree with what Sara has said. Unless you have 20% equity in the property, none of the lenders will be ready to offer you a mortgage refinance. However, you can contact your lender and check out if you qualify for Home Affordable Mortgage Refinance (HARP).
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what Sara has said. Unless you have 20% equity in the property, none of the lenders will be ready to offer you a mortgage refinance. However, you can contact your lender and check out if you qualify for Home Affordable Mortgage Refinance (HARP).
Feel free to ask if you've further queries.
Sussane