Property Q&A in Elkton>Question Details

Angela, Home Buyer in Elkton, MD

I have 2 loans on my home, tried to refi couple of years ago but couldnt because my loans were more than my home value. I want to refi to one loan

Asked by Angela, Elkton, MD Mon Feb 21, 2011

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7
Hi Angela,

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.
0 votes Thank Flag Link Thu Apr 19, 2012
Angela, With so many different loan programs available, I would definetly consult with a mortgage broker with experience! I have had much success with Craig Snellings of First Home Mortgage. csnellings@firsthomemtg.com 410.658.5999. He can help you decide on the right program for your needs. He might also help you come up with a plan on the quickest way to pay down a bit on one, in order to be able to consolidate to just one loan. Good Luck! Jennine
0 votes Thank Flag Link Tue Feb 22, 2011
Angela,

Looks like were ready to help. Brent is right about the appraisal process, an opinion of value ahead of the appraisal is valuable information for you.
0 votes Thank Flag Link Tue Feb 22, 2011
Angela,
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.
0 votes Thank Flag Link Tue Feb 22, 2011
Angela,

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.

Keith Gilkey
All contact information on the web site.
0 votes Thank Flag Link Tue Feb 22, 2011
Angela,
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
0 votes Thank Flag Link Mon Feb 21, 2011
Hi Angela,

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.
0 votes Thank Flag Link Mon Feb 21, 2011
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