Statewide Home Loans
Mortgage refinancing has long been a method for homeowners to take advantage of low interest rates or pull cash out of their home’s equity. For the homeowner with an underwater mortgage loan, however, refinancing often isn’t available. Should his financial circumstances leave him unable to make mortgage payments to his lender, the upside down mortgage may result in a foreclosure.
How An Upside Down Mortgage Works
Mortgage loans are based on the value of a given property. Whenever an individual applies for a mortgage loan, the lender will order an appraisal on the property to ensure that it is worth the same amount or more than the amount the consumer is attempting to borrow.
When a house is “underwater,” the property value of the home has fallen below the amount that the homeowner owes on the original mortgage loan. This leaves the homeowner with negative equity and, in most cases, he will be unable to refinance the property.
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