I have refinanced 5 times in past 6 years. I have no equity. My mortgage is higher than appraisal. SS is only income. what should I do?

Asked by Paul, 21740 Wed Oct 27, 2010

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Kari Shank, Agent, Hagerstown, MD
Fri Sep 21, 2012
Hi Paul-If you would like to keep you current home I would suggest looking into any modification options that may be available through your mortgage company. If you don't plan on keeping home or if the modification options do not work out for you I think that a short sale may be best for your situation. You want to make sure that you find an agent that is very experienced in short sales and one that will guide you through the entire process-this will be very important to make this process as easy as possible and also give you the best chance for a successful short sale. If you have any further questions on your options please let me know! Best of luck to you!
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Jessica Hood…, Agent, Gambrills, MD
Tue Jul 24, 2012
If you need less expensive housing or can't afford your current house and your income has been decreased or expenses increased you might want to consider at short sale.
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Dave Griswol…, Agent, Bridgewater, NJ
Wed Oct 27, 2010
Hi Paul, We have to ask what bank would do a refi 5 out of 6 yrs? Thats Equity Stripping. However please know that if your making the payments and don't want to lose your home we suggest you keep making them.

If your falling behind you may want to see if you can do a mortgage modification.
If your mortgage company is not willing you may want to seek legal advice.
We just can't get over the 5 refi's in 6 yrs.???

All the Best
Dave & Lisa
Web Reference:  http://www.urhomerealty.net
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Elliot Ward &…, Agent, Columbia, MD
Wed Oct 27, 2010
Paul, It sounds like you may be concerned about holding onto your home in the future. I would agree with Joe in terms of the Making Home Affordable Program. This Program may only be a temporary fix (sometimes only modifying loans for short terms) to what you might be experiencing as a longer term problem. I would consider contacting a trusted financial planner to determine your financial options. If you are primarily concerned about the equity and don't need right now, consider that the market has been shown to fluctuate in value over periods of time, so you will only see a loss in the value of your investment if you sell during a low period rather than trying to wait the cycle out. If you would like more information about short sales, please contact me at (410) 715-2058, and I'd be happy to provide current information about this process. Good luck!
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Tracey Simms, , Harford County, MD
Wed Oct 27, 2010

There are several questions that you need to answer:

1) are you behind in your mortgage payment

2)are your HOA dues current. It is important that you maintain these dues no matter what

3)what are your goals, do you wish to stay in the home? If so you need to look into the making home affordable program http://www.makinghomeaffordable.gov/ or call 888-995-HOPE

If you absolutely can not afford the home any longer then you will need to contact your bank asap to begin the short sale process. Please understand that you must be able to show a hardship has occured since the last time you refinanced. Simply saying you can no longer afford the home is not enough. A hardship would be a death , change in income, job loss, disability etc. You would have to document the hardship.

The most important thing you need to do if you decide to sell is hire an EXPERIENCED short sale Realtor. Do your research and make sure that the person you use to sell you house know what they are doing. It can make or break your deal.
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dave, Agent, Charlotte, NC
Wed Oct 27, 2010

Are you able to make the payments? Are you struggling with paying your bills each month and making the monthly payments? If you are then I woudl recommend you look into a loan modifcation program. The bank can lower your payment down in as much as half (depending on the circumstances and finances). Thsi may be an option for you and allow you to stay in the home.
Web Reference:  http://www.davedicecco.com
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Joseph Aster…, Agent, Wyomissing, PA
Wed Oct 27, 2010
Paul, you should look into the Making Home Affordable program to see if there are any modification opportunities for you. If that doesn't work, you should begin to consider a short sale - sooner rather than later - to avoid future difficulties and continued hardships.
Web Reference:  http://www.JoeAsterino.com
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