Mary Manteca


We have 2 loans and with the interest rates going down, it may be in our best interest to try and refi and have lower payments though most people would tell us to just walk away and buy a cheaper home….

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5 Responses to “Can you refinance your home loans even though your house is worth less than what is owed?”

1. MLaw on January 24th, 2009 3:53 pm

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   Why would anyone lend you more $$ than the house is worth?

2. src50 on January 26th, 2009 4:46 am

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   Not unless you come up with the shortfall in cash.

3. estielmo on January 28th, 2009 12:16 pm

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   Shop around and see what the various lenders say.

4. godged on January 29th, 2009 10:02 pm

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   Unfortunately no. You will have to make up the difference, and many lenders are only lending 80% of value at this point. Can you refinance one of your loans?

5. Elliot L on January 30th, 2009 1:44 am

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   Unfortunately no. The lender requires the home as security for the loan and will only loan up to the amount that it can be appraised for. Given the current mortgage industry crisis, it will be difficult, if not impossible, to even get a loan for 100%it’s appraised value.

   Hope this helps.