Financing in 19960>Question Details

Vance G. Dan…, Other/Just Looking in Lincoln, DE

have a bad loan

Asked by Vance G. Daniels, Lincoln, DE Mon Oct 11, 2010

trying to get my house refinance but i owe more on it !

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Vance, you can email me at and we can discuss your situation. I am in your local area in Seaford, DE and know the area better than those out of state.
0 votes Thank Flag Link Tue Oct 12, 2010
You will most likely not be able to refi your home, I would suggest you call our lender and request a loan modification.
0 votes Thank Flag Link Mon Oct 11, 2010
If you have not had any 30 day lates in the last 12 mos. you can get either a FannieMae DU Refi Plus or a FreddieMac Relief or Open Access loan depending which of these lenders have your current mortgage. You can go as high as 105% and refinance with another lender or you can go to your current lender servicer and go as high as 125%. If you do not have PMI currently you will not be required to have with your new loan.
0 votes Thank Flag Link Mon Oct 11, 2010
You're going to have a difficult time refinancing, if you owe more on the home than it will appraise for. There are programs available for those circumstances, check with your lender.
0 votes Thank Flag Link Mon Oct 11, 2010
Alan May, Real Estate Pro in Evanston, IL
Try for a loan modification.
0 votes Thank Flag Link Mon Oct 11, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
If you have an FHA loan you could be eligible for a streamline refinance. You don't do an appraisal with a streamline and you could take advantage of the lower rates.

I would do some research on modifications before you do it. A Modification could show up negatively on your credit. It could be the best option for you too, I don't know your situation, I would just go in with open eyes.

0 votes Thank Flag Link Mon Oct 11, 2010
Vance if owe more than house is currently worth, your most option is to contact your current lender, ask for the home retention department and ask them to complete a loan modifciation on your loan. You should gather some info before calling, you will need the last 2 years tax returns, your last 2 paystubs, your last 3 months bank statements, a list of what you make for income and a list of your expenses, credit cards and or car payments. If you are experiencing a hardship such as a loss of job, a decrease an income, divorce or sickness, wrote a brief outline of what you are experiencing and how it will improve if granted this loan modification. you will need to be patient but persistant.
0 votes Thank Flag Link Mon Oct 11, 2010
You sound as though you are "Upside Down".

If this is the case - call you current loan provider and ask if they would consider modifying your loan. This is cheaper to do than a refinance - and serves the same purpose.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
0 votes Thank Flag Link Mon Oct 11, 2010
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