Originally Posted by BigRedChief
We locked in two weeks ago in Florida. Traditional 5% down home loan. No government or FHA/VA involvement etc.
If you are upside down on your mortgage no one will refinance a loan for more than the house is worth. If thats not the case, why can't you refinance with that credit score?
I am upside down. I still owe 190 for the house, but now the house will only sell for maybe 110 if I'm lucky. I would have to put down about 85-90 grand just to refinance which I am not going to do when I can easily buy most of the houses in my neighborhood for that. Since I am not Harp eligible, I have already made other plans as far as buying another house and renting my old one out or just letting it go for a short sale.