Need refi on upside down4plex in Texas before I purchase new property in L.A. Any suggestions?

Asked by laurenberryhill, Killeen, TX Wed Feb 13, 2013

Have a 4 plex in texas , upside down, need to refi or reduce principle before I purchase new property in L.A. Any suggestions please?

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Don Brown, Agent, Long Beach, CA
Thu Sep 12, 2013
Have you had an appraisal done on the subject to get a professional opinion as to the value of the subject?. I would start there. Give me a call or email me at
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Dorene Slavi…, Agent, Torrance, CA
Sat Feb 23, 2013
Hi Lauren,
My suggestion is that you speak to a loan officer in Texas to Refinance your Texas property. You can talk to a loan officer in the bank where you are already doing business, and where they know you. Once you take care of that, speak to a friendly and professional Realtor here in Los Angeles to get started on your purchase!
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Jessica Bate…, Agent, Beverly Hills, CA
Mon Feb 18, 2013
Go to I send all my clients there - they can tell you everything you need to know about different mortgage loans, and cover the scenarios of each option.

Good Luck!

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Gail Mercedes…, Agent, Los Angeles, CA
Sat Feb 16, 2013
4 plex in Texas if refinanced will it reduce monthly payments? If reduces payments that will increase you loan amount for new loan assuming you have positive cash flow. 4 plex in TE I assume upside means positive cash flow. Other things to consider what is your price range for new property based on pre-approval. I would refi first for benefit of lower interest rates and reduction of debt when qualifying for new home.Contact direct lender about refi and qualifications for new loan. 4 plex can get a residential loan (Good News) rates are under 4% in California.

Gail Mercedes Cole
EXP Realty
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Sona Gallatin, Agent, Santa Clarita, CA
Fri Feb 15, 2013
Hi Lauren,
What part of Texas? What's the condition of the structure? How much income does the four-plex bring in monthly? Are all four units occupied?
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SERGEY FEDNOV…, Agent, Beverly Hills, CA
Wed Feb 13, 2013
It is best to contact mortgage broker licensed in Texas to check if you qualify for refinance.

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Jamie Tian, Agent, Los Angeles, CA
Wed Feb 13, 2013
Hi Lauren,

I would definitely talk to a loan officer or mortgage broker in Texas. I would be happy to do some research regarding mortgage brokers in your area for you, but I don't know any off the top of my head.

Once you are ready, you can get a loan by speaking to a mortgage broker here in Los Angeles. As a real estate agent, I would be happy to help you search for a property to purchase in LA at no cost! (owner pays agent fees)

Please feel free to contact me at (310) 717-1321 or with any real estate needs or questions!

Best Regards,

Jamie Tian
Rodeo Realty
(310) 717-1321
DRE #01920120
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Andres Moral…, Agent, Tustin, CA
Wed Feb 13, 2013
Hi, best of luck on your endeavor. If you are upside down you would have to know what type of loan you currently have is it an FHA? If it is FHA one can refinance the current loan no problem. Is your loan a conventional loan? look into the harp or the harp 2.0 programs. These programs are initiatives started by the federal gov to help underwater home owners. Your loan would have to be a Fannie Mae or Freddie Mac loan, you may look for them via google under Fannie Mae loan look up or Freddie Mac loan look up. If you do refinance the property and plan to purchase another the lender for the new loan will most likely require that the property you currently have has at least 30% equity. If it does not the new lender may not like to make the loan. Again best of luck.
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