Home Buying in 80014>Question Details

RNC, Home Owner in Aurora, CO

I purchased condo 10yrs ago. Comps condos are currently selling @ $35k,way less than when I purchased.My loan is $61k. Is it possible to refinance?

Asked by RNC, Aurora, CO Tue Aug 14, 2012

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3
I work with a mortgage BANKER who is very good at working with situations like yours. Send me an email to discuss further! luke.porter@gmail.com
0 votes Thank Flag Link Thu Oct 4, 2012
RNC,

Under normal situations I would say no. But I would call you lender and see if you might qualify for one of the incentive based programs the government has put in place for the thousands of home buyers that in your situation due to the recent downturn in the economy. Best of success to you.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Sep 22, 2012
Hi RNC,

It depends on who backs and services your loan. Is it FHA or Fannie Mae or Freddie Mac backed? If so you are probably eligible for an FHA Streamline refinance or a HARP 2 Loan refinance. The link referenced below will ask some basic questions about your property and loan and a refinance mortgage specialist will get back to you quickly.

thanks
0 votes Thank Flag Link Tue Aug 14, 2012
Stuart, Thanks for getting back to me. The loan initially started as a Conventional loan. The loan has since then been sold to a couple of lenders. How would I know if its backed by Freddie or Fannie?
Flag Tue Aug 14, 2012
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