Question : How can the average american refinance with the decline in home values and closing costs from the lenders?
There doesn't seem to be an incentive for the American who is making their mortgage payments on time, has no value in their home and can't refinance because of value and closing costs. Don't you think this problem is only going to get worse? I just see the housing market and economy not improving.
- asked by
All Answers:
Answer #1
It gets worse when those people abandon theirhomes to the bank. Home values WILL rise, theeconomy WILL improve. People need to learn somepatience.
- answered by the kid
Answer #2
Refinancing isn't a right. The 'average American'entered into agreements to get mortgages topurchase a home. Most continue to pay theirmortgage based on the legal contract they signed. Then there are those that either can't (due to badluck) or choose not to (because they are greedyand care only about their short term pleasures)continue paying their mortgage. They made badfinancial decisions during a booming economy. They are now paying the price. Once thesetransactions are weeded out, the housing marketwill stabilize.
- answered by ChoDuffield
Answer #3
Many cannot refinance because of how tight lendingrestrictions are right now.It might be worse downthe road, plenty of "experts" are telling homeowners to stop fighting and let the house go backto bank. People figure "hey, Suze Orman said tolet it foreclose, why not?" and everyone elsetrying to keep their home suffer.
- answered by godged
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