Can you refinance a home that is now worth less than the principal balance?
Wednesday, June 24th, 2009
jsn77raider asked:
I just bought my 1st house in the center last year. I had to get a loan to enter Crummy (depreciation Neg). Now I 'd like to re-fi in the next 2-6 months. The problem is that my principal went home and the value has probably dropped at least a little. If I can re-fi, will end up with a high rate because of this? I 'm in Sacramento, CA if it helps. Thank you.
Jerome
I just bought my 1st house in the center last year. I had to get a loan to enter Crummy (depreciation Neg). Now I 'd like to re-fi in the next 2-6 months. The problem is that my principal went home and the value has probably dropped at least a little. If I can re-fi, will end up with a high rate because of this? I 'm in Sacramento, CA if it helps. Thank you.
Jerome