Asked by Daniel Fink, Delray Beach, FL • Thu Jan 15, 2009
Is there anyway to refinance while being underwater or close to break even? i live in coral trace and believe my place is worth maybe 215-230k, i owe 224 and bougth in Jan 08 for 239. Want to refinance and get rid of PMI but seems impossible without dropping 60k into the mortagage to get it 80% to value, but I don't have that kind of money. Any suggestions? Thinking I may just have to save for 3 years or so, wait till I get a little equity built up, then drop a big payment to put ourselves at 80%.... I'm hoping I might be eligible for a modification from our lender, does anyone know the criteria to get this done? we're current on our payments, have a combined base income of 83k (although I made close to 45k in commissions last yr, not sure if that would count), my monthly mortgage is 2200. Hoping for at least an interest rate reduction, anyone know the criteria to qualify (my lender is wells fargo)
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