How can I refinance my home if I owe more than it is worth?

Written By: admin on June 20, 2009 2 Comments

I am in a terrible loan where my payment goes up in Oct/2009. I am looking for a way to either refinance or get out of this loan but have been unsuccessful due to the market being so terrible. I've tried talking to our bank for a loan modification but apparently don't qualify due to our excess income. Our credit is fantastic and if it wasn't for this declining market, we'd be able to refinance without any problems. Does anyone know of anything I can do????

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2 Responses to “How can I refinance my home if I owe more than it is worth?”

Region Realty - TX on: 20 June 2009 at 1:13 pm

A) Wait for the market to improve

B) Get at least one month behind in your payments, and attempt a small sale. Keep in mind that the small sale will affect your credit report and score in a negative fashion. Plus, the small sale may not get approved, and the home may go into foreclosure.
How can I refinance my home if I owe more than it is worth ... | Home Improvement Center on: 21 June 2009 at 12:57 am

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