My house is worth 310,000.00 I currently owe 316,000. Can any one help me? I need to get out of this loan.
2007-06-26 06:29:18 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you are losing equity every month, don't expect a refi to pull you out of this mess.
If you have a market value of $310,000, that is the MOST you can expect to get in a refinance scenario. You would have to come up with $6,000 at closing to satisfy your current mortgage.
If you're going to do THAT, you may as well stay with the mortgage you have.
2007-06-26 06:35:38 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
If you take a mortgage on a 300k property you will end up paying close to double than that on a finance plan depending on how much of a deposit you left. When did you start the mortgage payments? Where do you live? These are important things to mention when asking such a question. Is your equity dropping because property value is dropping in the neighborhood. Was the home overpriced when you purchased it? Depending on where you live I would say move or hang in there. I cant give an honest answer.
Good Luck
2007-06-26 06:44:40 · answer #2 · answered by bromanproperties 2 · 0⤊ 0⤋
I know this is a challenge but hang on. The pendulum will swing back and you will regain your equity. This happens from time to time and the only cure is patience.
2007-06-26 06:46:11 · answer #3 · answered by mazziatplay 5 · 1⤊ 0⤋