Mortgage Refinancing Advice
by Gill F from Texas
Regarding Mortgage Refinancing Advice: Help! I need refinancing advice! Is there any way I can refinance my mortgage if my property is valued at less than I owe my present mortgage company?
I currently pay 7.25% interest rate in Texas. My mortgage company refused to refinance my loan to a lower rate. The property was valued at $3000 less than the balance of my current loan.
Although I currently have a mortgage with a reputable nationwide loan company, can I and should I shop around?
My credit is not great, I purchased the property in 2006 and it is the first I have purchased in the US. Since I'm pretty new at home ownership, I could really do with some refinancing advice. Please help! Gill
Kate Answers: Mortgage Refinancing Advice
Dear Gill, Congratulations on becoming a homeowner. Now you want to stay a homeowner.
For this reason, please take action if you need to refinance because you cannot afford your monthly payment.
In cases like this, I suggest a couple of steps. You will probably think of more as you start to take action.
1- Call your loan servicer and ask for help. This may or may not be the same company that originated your mortgage. If you are not sure who your actual lender is, go to Locate Your Lender To Stop Foreclosure
2- Homeowners having trouble affording their mortgage payment are being helped by Hope Now
, a mortgage industry alliance assisting homeowners in distress.
is a program that might help in the situation of a low appraisal preventing mortgage relief, as you describe.
4- Now is a great time to go to Eight Strategies To Stop Mortgage Foreclosure
because the more you know, the better chance you have of saving your home.
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