Originally posted by anotherdad
Originally posted by VelmaLu
I tried to refinance the home I bought a few years ago, and I have sterling credit. The problem I have is the home won't appraise for what I owe on
it. How do you get around that?
It will be tough, Your first step is talking to the lender themselves but realize if your rate has not adjusted, you can still afford your payments
and you've never been late you probably wont get far. My suggestion if your not looking to move relax and realize you made a long term investment.
Just be careful as far as there offers to you, It will be in there best interest and could be poison that may damage your sterling credit. If
something they say sounds iffy feel free to u2u me.
When I bought the property, I realized what was coming, I just didn't see it being this bad. So I negotiated a price at 10% - 15% below other
properties on the market, actually about $20 per foot below what it would cost a contractor to build a lesser quality home.
A big bunch of new homes (probably 50) are currently being constructed across the street, which will further drive down prices as brand new places are
sitting vacant. I'd love to personally thank the idiot behind that project.
I'm in good shape. My credit score is over 800, I have no debts other than my mortgage, I have six months worth of savings, I was able to get a
decent interest rate. I'm just sort of pissed off that I'm being punished for doing everything right.
I had intended to keep the place another year, with a fallback position of keeping it another four if things got bad. Now it looks like I might be
lucky to break even by that time. Maybe. I have stopped investing money into any improvements, as the house is currently not worth what I owe on it.
That's in case something really bad happens and I have to walk away later I won't have invested in a sinking ship.
