Can I refinance my house if it has dropped in value and I have no equity?

Answer No. Banks will not refinance a home loan if it is not secured by the value of the home plus at least 10 percent equity (20 percent is better). If you have cash on hand, you may be able to refinance... Read More »

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How Do I Refinance a House When the Value Is Lower Than What Is Owed?

Homeowners may, unfortunately, find themselves struggling with "underwater mortgages." When the housing market drops, some people are left owing more on a mortgage than the home's value. This leave... Read More »

How do I refinance a house in which the value is lower than what is owed?

Making Home AffordableConsider a Making Home Affordable refinance if you owe more than your home is worth. This program, implemented by the Obama Administration in 2009, allows home buyers who are ... Read More »

So with the current housing market we have found our house has dropped in value by A LOT of money...?

What you've got right now is called a "paper loss". It won't become a "realized loss" until you actually sell it. The long term trend is higher real estate prices, but if you bought before a crash ... Read More »

How to Refinance When Your House Value Is Worth Less Than Your Loan?

When the value of your home is less than your mortgage balance you can refinance your loan under certain conditions. There is a program offered by the government called the Home Affordable Refinanc... Read More »