Financing in Roseville>Question Details

Pard0017, Both Buyer and Seller in Roseville, MN

I have a duplex that is not my primary residence. Trying to refinance the ARM and being advised to do a short sale. I have perfect credit and always

Asked by Pard0017, Roseville, MN Sat May 22, 2010

pay my bills on time. I don't want to do a short sale. I want to refinance and pay off my debt. Any advice?

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Answers

3
You might try to do a loan modification. Ask your bank if they would be open to that. You are not trying to pull money out right? You just want to fix the rate in a 30 year mortgage?
Regards,

Corey Dwan
Benson Sotheby's International Realty
970-596-3219 Cell
Corey.Dwan@SothebysRealty.com
http://www.CrestedButteForSale.com
1 vote Thank Flag Link Sat May 22, 2010
Pay off what debt? Credit card debt?

Are you looking to do a Cash out refinance? In an investment property I will hardly see it only if LTV (loan to value) is low enough for a lender to take the risk.

You could try to do a Loan Modification to lower the monthly paymet and have some extra income to pay your personal debt but other than that, I do not think a cash out refinance might work out.

Best.

Benito.
0 votes Thank Flag Link Sun May 23, 2010
In today's mortgage markets you will be difficult to refinance and cash out. What is the property worth? How much do you owe on it? How much extra do you want to take? On a home you live in the want 20% equity on an investment property anywhere from 25-30% equity.
0 votes Thank Flag Link Sat May 22, 2010
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