Do you know if your current loan is a Fannie Mae or Freddie Mac loan?
If so you may be able to take advantage of the new Making Home Affordable Program. This program is specifically for home owners who are "upside down" on their mortgage. It will allow you to refinance up to 105% of the appraised value of your home.
You find more info here: http://www.firstmortgagecorpcolorado.com/homeaffordable.html
This is a story I am hearing a lot. You could try asking for a review appraisal, or go to another lender. Appraisers are coming in very low these days because in most areas prices are still on a downward trend.
You may just have to wait and try again when the housing market has hit bottom and prices are starting to rise again. Keep your credit spotless, and try paying off some credit card debt, or car payments. That day will come, we just don't know when.
Also by cutting down on expenses perhaps you could save up some money to put towards a new loan to increase your equity. Most people I know are pinching every penny right now, and giving up everything they can like movies and lattes. If you really feel you might be in jeopardy of losing your home when the balloon payment comes due, you might want to consider a second part time job to put money away. .
Read the appraisal carefully and understand the reasons the appraisal came back low. The appraiser has to explain the reasons your home did not measure up to the comps that he or she gave in the report.If you think he used comps that did not closely compare, ask him for more comps that are within 1 mile of your house and about 3 mos old.
That question should have been asked by your mortgage broker that is working your loan.Does your home have good curb appeal and clean inside? Is there foreclosures in your area? They can hurt your local market and bring down prices.
From an appraiser, it all too common. And asking for a review won't make it any different. What you can do is contact your lenders and ask for a loan modification. Don't deal with anyone else on this. If they say no, and you are still able to make the payments, I suggest you do so. Maybe next year you can refinance and ease the pain a bit. Otherwise, you are facing a more challenging situation and believe me - you don't want to go down the foreclosure road.
Listen to what you were asking the bank to do.
You think it had something to do with your credit, but the loan denial had NOTHING to do with your credit.
You were asking the bank to loan you MORE MONEY than the house is worth...which means that in the event of a foreclosure, they started off in the hole.
No bank is going to take that risk...even with someone with the highest of credit scores.
1. Learn form this experience. If you can't afford the rate adjustment, you couldn't afford the loan in the first place.
2. Can you borrow from another source? If you pay down the mortgage, you should qualify to refinance a smaller amount.
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