Upside down in my house…what can I do?
Tags: 24 years, 6 years, arbor mortgage, banks, current value, delima, different companies, economic boom, economic downturn, foreclose, job, loan payment, loans, money, number 3, piece of paper, plain out of luck, rule of 72
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on Tuesday, February 2nd, 2010 at 4:07 pm and is filed under 125 home equity loan.
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You absolutely do qualify for a "short refinance". A "short refinance" is a refinance in which a reduced payoff is negotiated from your current lender, and you actually refinance using current market value. The current loan to value doesn’t matter, it’s all about negotiating a write down with your current bank. With an aggressive loan officer, this can be done. Short refi’s are processed much like short sales and can take many months to complete.