I tried to refinance my house?

Dorris
but found out that my house isn't worth enough compared to the other houses in the neighborhood to be able to refinance. This makes NO sence to me since I have upgraded numeours things like new carpet, new laminate flooring, completely remodeled the bathroom, new front and back doors, new $4000 landscaping and a brand new state of the art $8000 airconditioning unit. So what does the rest of the neighboorhood have to do with what is in MY house that I worked so hard fixing??? I have an 80/20 loan that I really need to get put into one loan to save money and to lower the interest rate. Can someone tell me where to go from here? I was told the appraisal didn't come in high enough to cover the house therefore we can't move forward with the refinance. I am so upset!!

Krishna
New carpets and flooring are more or less maintenance items. Doors same thing unless you put very expensive decorative doors in. The bathroom remodel depends on what you did but basically right now is not a good time to get a high appraisal as it seems you put absolutely no down payment on the house to begin with.

Gertrude
You bought the house with no equity, financing virtually all the purchase price. When the market tanked, you were vulnerable in spite of the improvements.This, too, shall pass but you will have to wait to refinance. You can certainly ask the 20% lender to revise your interest rate downward but they have no incentive to do so.By the way, neighborhood is everything when it comes to appraising home values.

Henriette
Welcome to the real estate mess. You financed 100% of your purchase price and now are dealing with a declining market, and extremely tight credit restrictions. Call your lender, tell them you need to restructure your terms and see what you can work out. You have no other market options unless you can add a ton of cash to the new loan proceeds and refinance that way.Sorry...

Katia
Your home improvements aren't the issue. Current market value is the issue, and that is determined largely by comparable sales - not by the money you've put into renovations.

Deja
What you did added little of no value to your home. Adding an additional room or bath would add additional value.There are several things you might do to eliminate or give you a little relief.First of all contact both your lenders to see if they can modify your mortgage payments. This is one thing that might happen since Congress passed several laws that help home owners.Make sure when you call you speak with someone in the Loss Mitigation Department. This is the department you need to speak with. If you are not pleased with the answers or solutions offered make sure you insist on speaking with the Department Manager.Failure to get satisfaction from your lender there are several companies cropping up around the country that offer loan modification services as well as other debt relieve type things for those home owners that are having difficult times making their monthly mortgage payments.You might check them out, but make sure you get a recommendation as well get three people that they have helped so make sure you get their names and numbers. Do call them and see if they were pleased with the services they received.I hope this has been of some use to you, good luck."FIGHT ON"