Are there any loan programs out there that would allow me to refinance my home at today’s present market value?

Posted on Oct 22, 2012 in HARP Refinance

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loan refinance programs
by senatorchriscoons

Question by Matthew: Are there any loan programs out there that would allow me to refinance my home at today’s present market value?
Hello, medications

I have a question for anyone out there that may be able to shine some light on our situation. My wife and I live in Rhode Island and are in the process of expanding our family. We recently had a baby boy and will soon attempt for child number two. Everything in our lives seems to be going as planned with the exception of our current housing situation. We currently live in a two bedroom 1000 Sq. ft. condo and we are busting at the seams. It is time to start looking for a larger home but we like many owe more than the home is worth. Probably about 50K plus upside down.

We both have strong income and good credit so purchasing and affording a new home is not the issue, illness it’s what to do with our current situation. I feel very stuck. Ideally I would like to rent the condo and hold onto it as a future investment, link but being so upside down makes that thought less and less appealing. And selling it would have to result in a short sale and I’m pretty positive that negatively affects your credit.

So my long and winded questions are:
1.Are there any loan programs out there that would allow me to refinance my current home at today’s present market value? The reason I ask is because I vaguely heard about such a program.

2.What do you recommend about getting out of my home and into a new one without destroying my credit in the meantime?

3.Is there another option that exist that would be a good fit for my situation

Thank you all for your help on this.

Best answer:

Answer by Common Sense
No one will allow you to refi while you’re upside down. No way.
A short sale, by the way, is only one baby step above a foreclosure. It destroys credit.
Just rent the damn thing.

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3 Comments

  1. First of all you need to know what the current market value is of your condo. Have three Realtors provide you CMA’s. This will tell you two things, obviously current market value and #2 whether or not your are upside down in your loan. If you have equity and can sell without bringing money to the table, then I would investigate doing that and try to find a larger place that will accommodate 4 people comfortably in the future.

    IF your cma proves you are upside down in your loan, your best bet is to call your lender first thing and try to work out a loan modification. This may mean you will have to stay in your condo for a few more years, but it’s is better than a short sale, deed in lieu of, or foreclosure.

  2. You are referring to HAMP, Home Affordable Refinance,, that’s the refi program,

    Check and see if you qualify ,,

  3. query; you can rent out the condo easily for 1/2 of your mortgage payments. It seems to me that
    cash flow is not your concern. And you are smart to realize that all RE will begin easing up
    soon. [and return to their previous highs in 5-7 yrs].

    so, get a good tenant for the condo and line up a new purchase loan for the new
    house!

    [or, even better, find a huge house that is a short sale OR Even A county TAX foreclosure!!!]

    available to help further