Is it really, honestly lenders willing to refinance a home with little equity?

2

August 17 2010 6:53 am | In : Home Mortgage

I want my 11% Home Mortgage, I receive the payment. I have never failed or missed a payment, the amount is 1405/mo. However, I made a deferral option. My house is worth about $ 140,000 – $ 145,000 and I owe $ 139,000

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Comments (2)

Glenn S said on 17-08-2010

How in the world did you get into a 11% loan? I’d tell my lender to either refi or you are never going to make another payment. that is usury

Ask for a loan modification. I wouldn’t make another payment. I seldom/never give that advise but your lender is ripping your off big time.

Obviously you have no equity and because of that no lender will refi your property. When you get 3% equity in the property you might be able to refi with a FHA lender plus closing costs of about 4% of the loan amount.