Help! I need to Know if I can save my home?
Answers:
Who says you have to wait year before refinancing? Check with other lenders. Unfortunately, you will have to pay closing costs again, and if you don't have that money (could be up to $4000), then that can get added to the loan. However, if the house won't appraise higher than it already is, then refinancing won't work because the appraisal has to work.
There are too many unknowns. However, you could consider taking in boarders, if you have the room, or if the amount you owe isn't too high.
Best of luck..
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It's sounding like you're in a home you cannot afford if refinancing is your only option to save the house. What happens when another financial issue comes up? I don't want to be negative here... I can totally appreciate your situation. It sounds like if you have any equity at all you might want to use it and if you don't you're in a home above your means. Consider downsizing, taking in a boarder, working part time from home, reducing your current expenses, and/or whatever it takes to prevent another crisis and another crisis and then another crisis from getting you further and further into more and more trouble. I speak from experience. It's hard to let go sometimes but if the house belongs more to the bank than to you, consider doing whatever it takes to either keep it or part with it.
Your house has depreciated since 8/06, so if you refi you will owe money.
Get a roommate.
Do a home equity loan.
Try http://www.CashCall.com
Sweet. What state are you in? That would help.
First of all you were probably told that it's too early to refi because you have a prepayment penalty. If so yes it will cost you that penalty to refi but it could benefit you more to get out of the loan that you have than to keep it. The amount of equity or value you have in your home is also a factor. It is much easier to find a loan for someone at 80% loan-to-value then 100%. FICO is a factor but but not the deal killer. There are so many lenders out there, and alot of them are picking up the slack in the sub-prime market now that some of the larger companies have folded or declared bankruptcy. As far as finding the money to hold the dogs off check with friends, family, employer, etc..Where I live we have places called Your Credit Inc., and Sun Loan Co. They offer loans at higher interest rates but are meant for short term use, check your yellow pages. Hope this helps. If you live in Nevada, California, or Arizona I can help you. Feel free to call me at 866-957-3348 (24 hours a day) or e-mail below.
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