Can I refinance even if my mortgage owed is more than my home is worth.?
Question by veron: Can I refinance even if my mortgage owed is more than my home is worth.?
I am late for August and September on my mortgage, my mortgage amount is more than the home is worth on the market today, is it possible to refinance the mortgage.
Best answer:
Answer by Frank
If you go another month late, you will qualify for loan restructuring with your current lender.
What do you think? Answer below!
Tags: home, Mortgage, owed, Refinance, Worth
Generally not, unless you have an FHA loan and qualify for the FHA Streamline refinance program. However, that program requires you to be CURRENT on your loan.
The alternative is to attempt to get a loan modification (that’s not the same as refinancing).
Generally no. You would need a modification.
Sure the government has a program that will let you finance up to 125% but you must be up to date. Look into the making home affordable programs. Hamp Hafa