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

0 votes Share Flag Financing in 95051

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in reading your reply to Tina, you aren't asking the question you really want the answer to. It has nothing to do with recourse. You have a home that is underwater. Of course you can refinance. You don't qualify for a refinance because you are under water so, you asked for a loan modification and the lender told you no, and they refused to refinance also.

So, can you refinance it? Yes. Do you have the credit, income and most important here...the equity to refinance? It sounds like no. you don't so, to your question, no, you can't refinance.

I wouldn't place too much weight on the issue of recourse or not at this point. you have bigger issues with value to worry about.
0 votes Thank Flag Link Thu Jan 8, 2015
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

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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0 votes Thank Flag Link Tue Apr 23, 2013
If you have sufficient credit and income, you can refinance any loan.
Web Reference:
0 votes Thank Flag Link Tue Apr 23, 2013
that's not a true statement unfortunatley. Credit and capacity are only two of the "C"'s needed to do a loan. You need colateral as well...the third "C". If you don't have equity, or the ability to reduce the principle balance to within guidelines, no, you CAN'T refinance any loan.
Flag Fri Jan 9, 2015
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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