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How can I refinance my home when I'm underwater?
I have a 7-year interest only LIBOR ARM loan at 6.75%. I want to refinance into a 30-year P&I loan at a fixed rate, but when I spoke to my loan servicer, they said this simply isn't possible because my loan to value is upside down. I owe about $299K on the home, which is now worth an estimated $243K. It was estimated at $333k when I bought it last year. I can afford to pay the fees and such associated with a re-fi, but it appears the drop in my home prohibits this. Is there any way around this? I'm not in financial straights, so I don't qualify for any of the assistance out there. But I'm looking down the road, and want to get a more secure loan. Any advice is appreciated.
Strange. Yahoo says I have three answers to this question, but I can only read one of them. What's up?
2 Answers
- halfthebottleLv 41 decade agoFavorite Answer
In reply to, "Strange. Yahoo says I have three answers to this question, but I can only read one of them. What's up?" You're getting offers from "Advance Fee Loan Fraud" scammers that work yahoo answers... Myself and others use the 'Report Abuse' button and get their replies deleted, so you're getting notification for those as soon as they go on the board... Don't worry though, more scammers will be here soon! Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, live, etc)
2) They have a secure website you can go to to fill out their application (this isn't 100%... do a search with the company + fraud and also + scam... and check the BBB) The typical scammer excuse for this is under construction or maintenance...
3) They don't require ANY fees upfront. Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address you can send mail to
5) They have a REAL phone number, not a cel phone
6) Look at their profile - usually created in the last 48 hours. Why? Because they get reported for this, yahoo deletes the accounts, so they just open a new one and send again until they are deleted once more!
7) If you're STILL not convinced, despite one or more of the above applying, check them out for yourself. I can send links if anyone is interested.
- Anonymous1 decade ago
You may be able to negotiate a short payoff to get the refi done.
