Refinancing Rental Properties
by Helpless In Kentucky
Hi Kate, My husband and I need advice on refinancing rental properties. It all began when we purchased a home in 2001 with a subprime mortgage lender. In order to get out of that loan we went with another broker, unaware of what other options were available in 2004.
This was supposed to be a fixed rate loan and we found out at closing it was another arm.
We purchased a new home in 2005 using the same broker who is no longer to be found. He assured us our old home would sell before the arm adjustment. We have been renting out the old home since 2005 and the rate and payment has almost doubled since.
Now that average mortgage rates are lower we have payment relief around $300 per month but we are concerned about rates going up again. The investor is not Fannie Mae or Freddie Mac so the program Hope For Homeowners is not much help.
We cannot find anyone willing to refinance a non owner occupied at probably now over 100% LTV. (Now that we realize the appraisal in 2004 was seriously inflated.)
Do you know of any options to get out of this upside down loan? We just want to make our monthly payments with a rate lower than 11%. Thanks!
Kate Answers: Refinancing Rental Properties
Dear Helpless In Kentucky,
Thank you for contacting Get-Your-Best-Mortgage-Rate.com with questions about refinancing rental properties. Please go to Real Estate Investor Loans
where I have answered your letter.
I hope you will find these solutions helpful. Please feel free to come back to my website again in the future with more questions. Of course, you can invite your friends to comment on this page or create one of their own.
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