Live2Ride Posted August 28, 2012 Share Posted August 28, 2012 So for the third time now we have not been able to refinance our house for various reasons beyond our control. This time, our house appraised lower than originally expected. In fact at this point we've been here 10 years and have NO equity built up. It appraised for almost what we currently owe. A few years ago, it was almost $70,000 over what we owed. And here's the kicker as to why it appraised lower: because of some homes going into foreclosure in our area, which made our house appraise much lower. So because of something that we did not do and unfortunately happened to someone else, we are not going through with our refi. But I will say that DH and I talked and there is a higher reason for this. We must not be meant to refi and we will see why I'm sure...it just stinks not knowing the answers to the questions we ask right away... Quote Link to comment Share on other sites More sharing options...
Jean in Newcastle Posted August 28, 2012 Share Posted August 28, 2012 :grouphug::grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted August 28, 2012 Share Posted August 28, 2012 Have you tried a HARP refi? We're exploring that with our bank now. The market has put our house about $60k below what we paid in 2005. (Unofficially. Still waiting to do the appraisal.) Quote Link to comment Share on other sites More sharing options...
delaney Posted August 28, 2012 Share Posted August 28, 2012 We have exhausted all channels to do a re-fi and it will just not appraise at what we need it to be. We are casualties of the bubble and stuck. We got a temporary adjustment but that ends this Feb. It really burned me that for all the talk of the mortgage companies working to keep people in their homes they do NOTHING for people who continue to pay on time but are stuck with a crappy rate. Being responsible gets you no where.:glare: Quote Link to comment Share on other sites More sharing options...
AvasMom Posted August 28, 2012 Share Posted August 28, 2012 I feel your pain. We can't sell ours because every other sale in the neighborhood has been a short sale which lowers our value. I feel bad for the people because the economy collapse wasn't their fault but I do admit to feeling more than a little resentful at times. It isn't fair to the rest of us. Quote Link to comment Share on other sites More sharing options...
Live2Ride Posted August 28, 2012 Author Share Posted August 28, 2012 Exactly...:glare: Quote Link to comment Share on other sites More sharing options...
ktgrok Posted August 28, 2012 Share Posted August 28, 2012 Agreed. We have an FHA loan, so i THINK we can do a streamline refinance where there is no appraisal. Otherwise we could never do it. But with the streamline refinance we have to pay closing costs out of pocket, from what I understand. Quote Link to comment Share on other sites More sharing options...
Live2Ride Posted August 28, 2012 Author Share Posted August 28, 2012 Yeah the loan person cracked me up. We were planning on getting a good amount back to use towards some updates here at home as well as rolling our closing costs in and such. She tells DH that we'll be needing to pay $11,000 in closing costs and then proceeds to ask if we have any liquid assests that we can use towards it. IS SHE CRAZY? We will not be doing the loan lady. It's not worth it at the current figures! DH is sooooo lucky I wasn't talking to her when she was asking those questions. :glare: Quote Link to comment Share on other sites More sharing options...
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