I want to refinance my mortgage but have been turned down due to dropping home value?
by Mortgage Rates on Thursday, September 16th, 2010 | 3 Comments
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Ain’t. Gonna. Happen.
You’ll need to come up with cash at closing.
Not in this current market. Even if you convince the lender that this is a single family, you will not get financed for even 100% of appraised value. Your best bet is to try to work with your current lender to somehow keep those rates from rising to the stratospheric level.
Good luck.
Nope..that is the short answer.
You’ll have to make the payments until the value goes back up.