There is a 600 pound Gorilla in the room, that needs to be fed. I just have to ask, why would you consider refinancing a property (which is just like buying it for the first time) at 150% of its value? Your home will not likely ever reach the value that you are indebting yourself and your children to.
Let me ask it a different way; I have several homes for sale in the Las Vegas market, and would be more than happy to selling you any of them for 150% of their value... I'd even sell them to you for 125% of their value. Are you interested? If not, why would you be interested in getting a loan that does essentially the same thing?
This post will likely get a few of nasty comments, but let's look at this pragmatically. Consider this; The reason most people consider doing what you are going to do because 1) they feel obligated, or 2) do not want to mess up their credit. Or 3) some even say they are willing to pay so much more because they "Just love the home." How do you feel knowing that your neighbor paid half to a third the price you are into yours for? If this was your favorite stock that has gone down to half its value, would you keep it and ride it all the way to the bottom?
I say, a house is an investment. There are a lot of homes you can love just as much for so much less money. I also say, stop fretting over your credit, move off of this toxic asset, clean up your credit, and buy again down the road. It is even possible to purchase a home the day after you short sale. The difference is that while you may pay a bit higher interest rate, you also are paying 1/2 to 1/3 of the price of the home you currently own.
I am only saying what most feel, but are unwilling to articulate. But, I do understand your desire to be honorable to your loan obligation. I have 2 other properties that I bought at the peak of the market, am way upside down in (owe over $625,000 and worth less than $260,000), and I cannot seem to bring myself to jump ship..... so instead I am feeding the alligator and the Gorilla. Let's rearrange the deck chairs and go down with the Titanic together, knowing we have been honorable.
Best of luck, and thanks for reading.
You can contact me at 702-612-7099 or email email@example.com
We have great professional knowledgable lenders that can help you with all your re-finance and new loans needs.
Realty Executives of Nevada
You can contact those loan officers on your choice.
They can help you with pre-approval letter
Castle & Cooke Mortgage LLC
6900 Westcliff Dr -8th Floor
Las Vegas, NV 89145
All Western Mortgage
8345 W. Sunset Rd. #200
Las Vegas, NV 89113
Please call me and we can discuss. We are a Mortgage Broker and have several Banks we use to do the Harp program to fit you in the right program. Johnny Peters, North American Financial 939-2474
there is no mess up along the way..
Mike Newman - Sr. Marketing Advisor
North American Financial
1700 Horizion Ridge Parkway, #200
Hendreson NV 89012
Henderson, NV 89012
NAF NMLS# 180736
He is indeed a professional person, and I like knowing he is taking care of my clilents matters..
I would be happy to evaluate your current loan to see what terms could be offered via HARP 2.0. I have worked on more than a dozen during the last month and have seen just about everything. Second lien resubordinations, re-certifications of mortgage insurance, crazy high loan to values, etc. I am in the office 9-6 daily. Feel free to contact me to set up a time to speak.
John Paul Mulchay
Best of luck!