Question : Is there a new refinance program that forgives negative equity and refinances the house at current value?
I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I've already lost around $35,000 in value.
- asked by hotguyfromrincon
All Answers:
Answer #1
Dude if your going to live in the property and canafford the payment, which you should be able tosince you just got the loan, don't even worryabout the value. You people think that you lostthousands when all that is happening is acorrection in the market and all you have Trulylost is on paper (until you sell) is when youlose. Stop whining and go to work. Anyway youbought AT a terrible time and the values stillhave not hit bottom. That was your mistake.
- answered by Rick T
Answer #2
buddy....there are many refinance program onlinesources where you can get full of information andalso get the refinance loan at lower mortgageinterest rates and reduce your negative equity...ihave the source where the option of existing loanmodification and low interest rates :
http://www.refinancing101.net
- answered by Mst A
Answer #3
You heard incorrectly. The government is offeringassorted help programs for those who may LOSEtheir homes due to taking adjustable rate mortgageloans and similar. However, the government isn'tin the business of absorbing equity losses whenvalues fluctuate. I assume you would not bepleased if our government demanded $35,000 inequity from you if your house had increased invalue. It works the same way in the otherdirection.
- answered by acermill
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