With the new laws, etc. and so many people "underwater", is it even possible to refinance? I have a house that I no longer live in
(renting it out now) & have two loans out on it. Have about $900/mo negative to pay & want to refi so I don't have to keep paying such a high negative or none at all. It's killing me! Lenders won't even talk to me. But, why should they if I'm making on-time payments in full each month? First & second loans are with Countrywide. Any suggestions? Anything I can do at this point?
Hi Linb1,
Personally, I think the best thing to do would be to short-sell it. I can list it for you, negotiate with the lienholders and get it sold.
You're throwing good money after bad money and I hate to see you waste so much!
GOOD LUCK,
Scott Miller, Realtor®
Estate Specialist
Commercial RE
Business Broker
Realty Associates
561-716-4060 direct
561-451-9377 fax
http://www.LoveBoca.com
http://twitter.com/ScottSellsFL
Hello Linb1, if you email me your loan #, I can check for you whether you are eligible for the mha loan with bank of america, which bought countrywide. Your loan has to be a conforming loan and owned by fannie mae or freddie mac. There can be no lates within the last year. An mha loan is pretty much the only way to refinance if you are at all underwater, short of paying the loan down. I am not sure how great the rate would be though, since it is a rental property, but it's worth a shot.
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