Market Conditions in Macomb>Question Details

Amy, Other/Just Looking in Janes

how can i get my home to appraise higher in this market so i can refinance at a a lower interest rate?

Asked by Amy, Janes Tue Feb 17, 2009

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3
Sorry Amy but as Derek said these days this is not possible, especially in Macomb. Instead of the president rewarding bad behavior and allowing those in trouble to get off scott free, he should be doing something for those like you that just want to lower their interest and payment.

Like Derek we too have several rentals that we had plenty of equity in them, they have dropped in value and the banks will not allow us to refi because we are good payers. It's just not right.

Drop me a lie with your address and I'll see what value I come up with.
0 votes Thank Flag Link Wed Feb 18, 2009
It is not possible to make this happen. Short of a fraudulent appraisal, and then that fraudulent appraisal getting past underwriters and appraisal review folks, it is impossible ... UNLESS you have the cash to pay down the loan balance to the realistically appraised amount.

Please note ... inflated appraisals and shady purchases and refis are a BIG reason we are in the mess we are in. Thus, safeguards are now in-place to avoid this in the future, and I hope these safeguards are forever in-place to protect all of us.

I feel your pain, as I have an investment property worth more than I owe, and an adjustable loan on it to-boot, so I am surely not poking fun at you. As the old wives tale goes ... one can't get blood from a turnip.
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Tue Feb 17, 2009
To refinance, your bank is going to look at very recent sales in your neighborhood and compare them to your home. Make sure your home is in great condition so the bank will compare it to similar homes. Just be prepared to find that your home has lost value during the past few years. All homes have.
0 votes Thank Flag Link Tue Feb 17, 2009
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