There are numerous questions concerning "underwater" mortgages, or people who currently owe more than their home is worth. Here is Quicken Loans' specialist response on this topic.
Like so many others, I owe more than my home is worth, and even paying large monthly payments, the balance does not descend that much. At this rate I'll be paying this house off 'til I'm 158 - in 100 years. I'm too old to start over again with a refi of 30 years; I could use a "reconstruct." Because my reputation is not pristine, the rates I can get are too high to help. Even the conception of selling in my home town with the balance owed and the improvements needed is ludicrous. Ideas from an expert? Thanks!
Options For citizen in Underwater Mortgages
It's disheartening to hear from Americans who are doing all right and still struggle to find relief. Without knowing all the specifics on this singular situation, we can offer the following tips:
•Fha Streamline Refinance - People with an Fha loan can refinance using a schedule called the Fha Streamline. This schedule can help people in an Fha loan who owe more than their home is worth thanks to the no appraisal option. People who are underwater can still refinance into an Fha loan with a lower rate - and they can pick whether a 15-year or 30-year fixed loan. The process is generally quick & easy thanks to the petite documentation and reputation qualifying requirements, getting homeowners the relief they need sooner.
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