This is something we hear a lot. I'm in the same position with an UGH interest only loan on an upside down 2nd home. Until values bounce back there isn't much we can do. But if you have a financial hardship or are near one you might want to talk to your bank about a loan modification. Deal with the directly. There are a lot of scam companies out there right now promising they can get you modifications for a fee. Most of them are not reputable.
That is a very nice offer from Keith you should take him up on it. This would help me or any loan officer determine if anything can be done. Because of federal rules we can't talk to an appraiser to try and get a value prior to ordering an appraisal.
I have been an Elkton, MD Realtor for 29 years. Give me a call or email me with your property address. I could probably be very close on property value. Then (I could be some assistance. There is no obligation or cost to this, just want to help anyone in need.
All contact information on the web site.
Laura pretty much has it right. BUT there could be a few options available. You said you were upside down, are you still? There are loans that allow CLTV over 100% and others that are up to 97.75% Doesnt hurt to talk this thru and be sure. Please let me know. Thanks
This is a very familiar tale of upside down America. At the time of the refinance the bank is going to do an appraisal to determine value. There are no banks that are going to lend you 100% or more of property value. I'm so sorry.