There are numerous questions about "underwater" mortgages, or people who currently owe more than their home is worth. Here is Quicken Loans' devotee response on this topic.
Like so many others, I owe more than my home is worth, and even paying large monthly payments, the equilibrium 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 prestige is not pristine, the rates I can get are too high to help. Even the idea of selling in my home town with the equilibrium 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 evaluation option. People who are underwater can still refinance into an Fha loan with a lower rate - and they can choose either a 15-year or 30-year fixed loan. The process is generally quick & easy thanks to the puny documentation and prestige qualifying requirements, getting homeowners the relief they need sooner.
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