Financing in 95051>Question Details

myates17, Home Owner in Santa Clara, CA

I have a recourse loan financed in Michigan. Can I refinance it at all?

Asked by myates17, Santa Clara, CA Tue Apr 23, 2013

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Refinancing depends upon your perceived ability to pay off the new loan and the value of the property compared to the new loan.

A recourse loan might have a lower interest rate if you have other assets the seller could seize if you don't make your loan payments. It doesn't really change whether it can be paid off and a new loan obtained.

An existing loan may have fees charged if you pay it off early.

I have general home loan mortgage information posted at
http://julianalee.com/reinfo/mortgage.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty
Cell: 650-857-1000

Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
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Web Reference: http://julianalee.com
0 votes Thank Flag Link Tue Apr 23, 2013
If you have sufficient credit and income, you can refinance any loan.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Apr 23, 2013
Unfortunately, the lender that owns the loan is not telling me that. They are using to fact that it is a recourse loan to say they won't do a modification or a refinance. Can I go to someone else, unfortunately the home is underwater.
Flag Tue Apr 23, 2013
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