Is there any chanse to refinance my house ?I have an adjustable loan.home value went down.i just want a fix?
lorena_in_sua asked:
in september 1 will be 2 years since i bought the house and my payment will go up with 500$ a month.I hardly can pay now…but then..will be imposibble.I have a prepayment penalty till sept.1st.Home value went down..does anyone know what i can do?I just wanna save a foreclosure..but i cannot pay more than im paying now.The interest is high 8.3(1499.99$a month..and this will be adjustable from september) and11.7.for the second loan.I just want to keppit the way it is (or lower rates better)Is there anything I can do?I didt know anything when I bought the house..about prepayment penalty..and the broker took advantaje…and now..im suffering.CAn someone help?Thanks a lot!
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in september 1 will be 2 years since i bought the house and my payment will go up with 500$ a month.I hardly can pay now…but then..will be imposibble.I have a prepayment penalty till sept.1st.Home value went down..does anyone know what i can do?I just wanna save a foreclosure..but i cannot pay more than im paying now.The interest is high 8.3(1499.99$a month..and this will be adjustable from september) and11.7.for the second loan.I just want to keppit the way it is (or lower rates better)Is there anything I can do?I didt know anything when I bought the house..about prepayment penalty..and the broker took advantaje…and now..im suffering.CAn someone help?Thanks a lot!
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Tags: Home Value, House Loan, Loan Value
February 28th, 2009 at 7:41 am
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Yes, it is possible to do a short sale Refi. I would speak with your current lender to explore a forbearance as well. If you have genuine hardship, they will work something out with you. Do some research and find a reputable loan officer in your area with alot of expirience if you decide to go the refi route.
March 1st, 2009 at 2:18 am
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Do you have any equity in the house? If so, look to refinance immediately. If your credit is halfway decent and you can document income, you can likely consolidate both loans to a much-lower fixed rate with no prepayment penalty.
First of all, the prepayment penalty is tax deductible. If you wait, lending guidelines could tighten up and/or rates can go higher. Also, getting the penalty waived may be a possibility.
If you are “upside down” (owe more than the house is worth), you should contact the lender NOW to try to re-negotiate (they don’t want to foreclose unless they have no choice), and if that fails, I know a nice woman that does loan mitigation.