Question Details

Julian Maldo…, Home Buyer in Orlando, FL

i am a little confused; my mortgage payment going up in may and i dont know if i sell the house or

Asked by Julian Maldonado, Orlando, FL Sun Dec 30, 2007

refinance;less than 2 years ago i pay 9000 thousand dollars to refinance; i no want to pay the same or more again to refinance again; but the problem are the cold real estate market and i worried.

Help the community by answering this question:

Answers

1
A remote possibility is to negotiate with your lender to complete a short refinance. I used to laugh at the possibility that a lender would consider a "short sale" of sorts where the owner retains the property. Some lenders are actually encouraging this as a possibility now instead of the alternative of your home becoming another REO. You would want to have a pre-approval in place ( You wont be able to refinance like this with your current lender) and a full appraisal as ammunition and then....see what your lender might do. If you like your home yet, simply can not afford a higher payment and your financial situation is good, it may be worth a shot. I do know that, in most cases, it will take a bit of time and take a bit of effort but, if you a good negotiator and have all your ducks in a row....it may pay off. Good luck.
0 votes Thank Flag Link Mon Dec 31, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer