How to Refinance with an Upside Down Mortgage?
June 6th, 2009
I am currently in a mortgage with a very high interest rate of 9.9 %. My FICO score was much higher from when I started with this mortgage. I want to refinance for a better rate, but I’m upside down by 35k. What to do, what to do. The rate is low right now and I really need my monthly payment to go down. Can I refinance even though I owe more than the home is worth?
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Your interest rate is pretty high but believe me you are not alone in being up-side down on a property. I would go for it. Chances are your deprecation on your property will be made up over the long term of your loan if the interest rate is right. Even if your payment stays the same if they work the loss in and cut a few years off your mortgage- you are a winner. And sooner or later, the market has got to level out. Property will never become worthless. Give it a shot– sit down and crunch the math before you sign anything.