Can you refinance a house if your principal loan amount is more than the current house value?

Abraham
I would like to refinance as my current interest rate is nearly 8% and my monthly mortgage payment is ~1, 250.00. However, the principal loan amount is 156, 000 and the house is currently valued 20, 000 less than the loan amount. I plan on living in the house for a few more years at least and would definitely like to lower my interest rate & monthly payments.Thanks in advance for any information you can provide me.

Carla
You can if your current loan is a Fannie Mae or Freddie Mac mortgage.

Georgie
You have to apply for loan modification. And when you apply for that, make sure that no attorney will tell you that you have to get your equity and add it to your present loan for their fee. That will be very very expensive for a legal fee for real estate. It's a no no. Go and shop for an attorney if you decide to seek their help but you have to work on it first so that you will not be conned.Call the lender and even though calling will probably takes you forever, and apply for loan modification. It is like refinancing in a way because they will re write your loan into a new one, and it will make your monthly payment go down a bit.

Clinton
Hello Everybody, my name is Harry White after i got scammed three times.A friend then introduced me to Michael Dawson a chattered accountant who owns a lending firm.He gave me a loan of $15, 000 with a reasonable terms and condition.Immediately I paid my transfer and insurance fees the loan got to my account after 48hrs. You can contact him at michaeldawson_loanfirm@yahoo.com. He loans at a maximum interest rate of 2% and a duration of 10yrs.I assure you he is legit.

Lizzette
Hi, My name is Cherie Clark last two month when i got bankrupt due to misfortunes, a neigbour of mine introduced me to michael dawson a private money lender recognised by government who gave me a loan of $100, 000 to start up a new business He loans at minimum interest rate of 2% which is to be paid installmentally.you can contact him at michaeldawson_loanfirm @yahoo.com and get your loan approved within 24hours of banking without any stress.

Arletha
A conventional refinance won't do what you want. You will be limited to current market value of the property. Your only shot at this is to speak with your current lender to see if you can get a 'loan modification' to a lower interest rate. It's worth a shot.

Dominque
No.Banks will not loan you more than the house is worth...ever.Some subprime lenders used to loan as much as 125% of the home's value, but those days are gone.You will have to wait for the market correction.

Deandre
Think about your question? What do you think the answer is?