Question:
i have owned my house in california for two years now, im trying to refinance but there's no equity in my house and my monthly payments are high and will get higher in a couple of months... What can i do in this situation? i dont mind selling my house but it seems like there's a crisis for people who want to sell their homes as i heard its a buyers market right now... and i dont want to go to foreclosure... what can i dot?
Answers:
Have you had an appraisal done to make sure there is not enough equity in the property? Depending on the balance owed FHA will allow a no-cash out refi at 97.75% of the property value. There are also some other loan programs that offer a 100% refi. I would call some different lenders to check your possiblities. If you cannot find a lender to refi then I would look into renting your home out or selling the property.
Find a company that will offer you a refi at a lower interest rate. If you purchased the house during the price boom then you are in serious trouble because no company will invest in a house that is valued below the current market value. Your only other option is to rent out one of the rooms to supplement your income and hang on long enough till the housing market takes an upturn.
i am in california and i know many people going through what you are. so here are your options:
1. refi: but if you property value is down, you won't be able to
2. sell: but the market in california is literally flooded with homes and condos right now (you could talk to your mortgage co about a short sale)
3. get an extra job or two until this blows over
4. let the property fall into foreclosure
good luck...and god bless
If you have no equity, meaning the mortgage balance equals the value of the home, then you won't be able to refinance right now.
If you are in an adjustable-rate mortgage, that you can't get out of, then you might want to sell to get out from under the debt and start over.
If there is anything else I can help you with, feel free to email me at dbowers@ulgco.com. I always offer free advice and one-on-one service.
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