Question by HomeownerEAC: how do i refinance my house when I owe more than it is worth?
Our Adjustable rate mortgage is about to “adjust”. Unfortunately home values have plummeted in our area. We want to refinance to a fixed rate loan but wonder if it’s possible when our current loan balance is more than what our house would be appraised for.
Answer by golferwhoworks
the only way is to streamline with out an appraisal. You may be bringing cash to close as this note is so new but it beats the heck out of letting it adjust. Get with your local mortgage professional to see if they can make this happen
I am a mortgage banker in TN & KY
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