refinancing without equity - Loan Modification Forum

PMJeff · 03-11-2009, 03:05 PM

Is it possible to refinance without having any equity in your home? I just want a lower interest rate and no more interest only terms? I am not wanting to pull money out.

Moe Bedard · 03-11-2009, 03:17 PM

Were you denied the mod with IndyMac?

PMJeff · 03-11-2009, 07:30 PM

I havent heard anything from Indymac. Everyone I talk to gives a different story. They have all my information. I dont really need a loan modification I just need a refinance. When I bought my house I had to wait 3 years to refinance to avoid penaltys. May of 2009 will be 3 years, but my house is worth 1/2 of what I paid for it. I was under the impression that you can only refinance if you have equity in your home.

dhn121 · 03-18-2009, 11:24 AM

from what i've read it seems like a lot of banks are doing refi now without reappraising your home so that people can refi even if they're upside down.

dhn121 · 03-18-2009, 11:27 AM

just wanted to add
but you'll have to do it with the same bank your loan is with right now. I just did it with Citimortgage. It's called a "streamline refi". it'll cost less to refi too than going witha different bank.

PMJeff · 03-18-2009, 01:19 PM

Just spoke with IndyMac and they said since I have zero equity they cannot refinance me. I was due to refinance in June of 2009 without penalties had the market not crashed I would have equity. I was told to ride out the market. Why cant they just change the terms of my loan? I just want more money going to the principal.

dhn121 · 03-18-2009, 01:35 PM

I'm sorry to hear that.

when I was calling the general number I was getting the run around and different information too. See if you can find a retention department. It's kind of dumb but I finally called their modification department to request for a modification (knowing I won't qualify). They told exactly that, I don't qualify for the modification but was then given the retention department number to do a refi.

I live in CA and owe about $290k on the home and the house is now worth $292k. purchased at $400k at the height of the market it was worth $600k

HTH

PMJeff · 03-18-2009, 01:39 PM

Does Citi hold your 1st mortgage? I have a 2nd with Citi

dhn121 · 03-18-2009, 03:21 PM

yes...it holds my 1st mortgage. here's their number
direct refi/retention dept 866-272-4749
I think the other number that is listed here goes to their modification line.

03-11-2009, 03:05 PM	#1 (permalink)
PMJeff Member Join Date: Jan 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	refinancing without equity Is it possible to refinance without having any equity in your home? I just want a lower interest rate and no more interest only terms? I am not wanting to pull money out.

03-11-2009, 03:17 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity Were you denied the mod with IndyMac? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-11-2009, 07:30 PM	#3 (permalink)
PMJeff Member Join Date: Jan 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity I havent heard anything from Indymac. Everyone I talk to gives a different story. They have all my information. I dont really need a loan modification I just need a refinance. When I bought my house I had to wait 3 years to refinance to avoid penaltys. May of 2009 will be 3 years, but my house is worth 1/2 of what I paid for it. I was under the impression that you can only refinance if you have equity in your home.

03-18-2009, 11:24 AM	#4 (permalink)
dhn121 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity from what i've read it seems like a lot of banks are doing refi now without reappraising your home so that people can refi even if they're upside down.

03-18-2009, 11:27 AM	#5 (permalink)
dhn121 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity just wanted to add but you'll have to do it with the same bank your loan is with right now. I just did it with Citimortgage. It's called a "streamline refi". it'll cost less to refi too than going witha different bank.

03-18-2009, 01:19 PM	#6 (permalink)
PMJeff Member Join Date: Jan 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity Just spoke with IndyMac and they said since I have zero equity they cannot refinance me. I was due to refinance in June of 2009 without penalties had the market not crashed I would have equity. I was told to ride out the market. Why cant they just change the terms of my loan? I just want more money going to the principal.

03-18-2009, 01:35 PM	#7 (permalink)
dhn121 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity I'm sorry to hear that. when I was calling the general number I was getting the run around and different information too. See if you can find a retention department. It's kind of dumb but I finally called their modification department to request for a modification (knowing I won't qualify). They told exactly that, I don't qualify for the modification but was then given the retention department number to do a refi. I live in CA and owe about $290k on the home and the house is now worth $292k. purchased at $400k at the height of the market it was worth $600k HTH

03-18-2009, 01:39 PM	#8 (permalink)
PMJeff Member Join Date: Jan 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity Does Citi hold your 1st mortgage? I have a 2nd with Citi

03-18-2009, 03:21 PM	#9 (permalink)
dhn121 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: refinancing without equity yes...it holds my 1st mortgage. here's their number direct refi/retention dept 866-272-4749 I think the other number that is listed here goes to their modification line.

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