Question by chirailfan: Should I refinance if i owe more than my house is worth?
I have two mortgages, 1 is a 30 year fixed at 6.5% and another at 8.5% interest only. If you combine the amount i owe on both with the market, my house is no longer worth as much as i owe. However if you look at them separately, my house is worth more. Should I refinance?
Answer by GEEGEE
It’s highly unlikely any lender will consider you as a candidate for refinancing. They have all really tightened the reigns for just about all borrowers but someone in your shoes would be huge risk, even if you’re good for it.
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