Thread: Can't Modify, Can't Refinance... Now What?

Originally Posted by avizcarra

I live in Northern California. I have a $494K mortgage on a house that I bought for $617K and now sells for ~$550K.
I can't modify since I am not under financial stress and can't refinance to take advantage of the great interest rates since U don't meet the 20% equity requirement.
What can I do to either lower my balance, or my interest rate without going into a short term variable loan?
I would like to get a 30 year fixed loan. O have very good credit!!!

Thanks!

I have a trick to make your property became more attractive and i already did it in my country. so i made a deal with an interior designer (or furniture shop) and some accessories store to decorate my property and i did some open house for people to come and see..together, we made a very large sales. the interior designer got new client, the accessories got a huge sales and i actually have more then 100 leads and 3 good buyers (later one of them make a very great deal for the property).
the thing is..i dont need to take out any money from my wallet to do so.. and actually i made money from the interior designer and the accessories store
so think a bout win/win/win solution for this..
hope it could inspire you

W

This is a very tough situation indeed. I always recommend getting in touch with a top loan officer right in your area. He or she should be able to advise your next steps.

A friend of mine is going through a similar situation. Either he could bring cash to closing in order to refinance the property, or he could simply wait out the market and ride the wave of interest rates.

Everyone is saying rates will rise, but no one knows for sure when.

I have a rental home here in Minnesota with a similar situation. Rates are low now, but do I want to put cash into the property in order to meet loan to value ratios to refi? A tough decision indeed....

Originally Posted by avizcarra

I live in Northern California. I have a $494K mortgage on a house that I bought for $617K and now sells for ~$550K.
I can't modify since I am not under financial stress and can't refinance to take advantage of the great interest rates since U don't meet the 20% equity requirement.
What can I do to either lower my balance, or my interest rate without going into a short term variable loan?
I would like to get a 30 year fixed loan. O have very good credit!!!

Thanks!

Modified: I just reread the post, and without knowing your situation, I can only tell you that you might want to look at some of the Obama programs - one might work for you.

Later.

I'm assuming your loan is not Freddie or Fannie backed, if so there are programs for negative equity refinances.

If not, unfortunately I am not aware of anything you can do if you are not in distress.

Thanks to everyone for they're input!
The house is valued at $550K and I owe $494K so I am not in a distressed situation and I have less than 20% equity.

Right, this is not a Freddie Mac or Fannie Mae loan

There are many ways that you can make this happen, one is it true that you, of the 80% of the households in this country that are, are you NOT suffering any type of HARDSHIP. A hardship is the key, and your income to disposable income is an avenue, only with a sole bailout program. Guess what, I have succeeded with investors not being able to pay their mortgage because the rent the property will bring is too low.(Real Case) I would love to help you, it is a case for professional evaluation. The situation you are in is a good one unless your payment is too high for you. Otherwise you might just need to speak with a professional like myself and have them negotiate with your lender for you. It typically costs 1 5th of an above board refinance and you might be surprised at what a specialist may be able to pull out of a hat for you. Good Luck with your "Dilemma" that I do not see.

What IS Your dilemma here? Forgive me if I missed something but here is a real life solution I have done for a few clients. They have rentals and are losing $ every month, well we have Gotten them Modified to a FIXED Rate, and lowered their payment to boot. So there is help for you and if I have done the prior for them, I think I can help you too; don't you think?? You have everything to gain by contacting someone like me.