Is there a chance in the world ill be able to refinance my house based on these numbers?

Terra
My house is worth $325, 000 and my mortgage is $375, 000. My interest is 12% and people are getting loans for 4% right now!!!

Damon
This is going to be tough. The first issue is your credit. Since you're at 12% now, I'm assuming that your credit is not great. Banks are reluctant to lend to people with credit issues at the moment.However, the bigger issue is the loan to value. Most banks are only lending 80% of a home's value. That means that if your house is worth 325, a bank will not lend you 260. This means that you would have to bring 115k plus closing costs to the refinance.I'm going to have to honest with you here. This is not a good situation. Signing a 12% mortgage was you first mistake. yes, it is good to own a home, but renting and saving would have been better. Do you realize that you pay a bank 39, 000 per year in interest? I would try whatever I could to get out of this loan. Even if it means waiting until you can get 375k for the house to walk away without owing the bank.

Bernice
You must have terrible credit to get 12%. I would say the odds are slim. You should stop paying your mortgage and let Obama's plan bail you out.

Delicia
If your credit score is good it's possible but your LTV is ridiculously high so my guess would be no.

Ciara
sell it and spend the money on crack

Chadwick
no