Refinancing a property that is upside down may not be an option. If the property is rented and bringing you a positive cash flow, you might want to just ride things out until the market improves. If you decide you can't afford to keep it, a short sale might be a viable option. A short sale is when your lender agrees to let you sell the property for less than what is owed on the loan. There are different legal and tax implications and you should talk with your CPA or legal counsel to see if a short sale should be an option for you. Let me know if you are interested in more information about a short sale.
Mortgage Broker or Lender, Downingtown, PA
the HARP loan from the Government is not just for Owner Occupied Propereties! As of today with excellent credit you would be able to refianance up to 100% of the appraised value. Please contact me through my website if you would like additional information. Best wishes, Ron Beebe