Is there any way to refinance a house to lower payments if you owe more than what it is worth?

Johnetta
NO. getting a bank to finance more than the home appraises for just doesn't happen. you would have to get a mortgage for whole appraised value, and a second mortgage for the remainder, and i doubt that combined, those payments would be any cheaper.

Evalyn
no

Farrah
NO. You would have to paydown to the current value and then have higher interest unless you could paydown another 20%

Carolin
They're all wrong!It depends on how much you put down when you bought the house. If you financed 100%, you may be up a creek. If, on the other hand, you made a down payment you may be able to do what is called a "streamline" refinance. no new valuation is required, they use the original appraisal.This process is fast. If you have sufficient equity, you can finance the minimal costs, and the only potential drawback is that you cannot take cash out for other things.Call you current lender and ask them about it.

Louis
No; you have no equity in your home, plus your credit is probably not as good now as it was before you bought your home, so you won't get a better interest rate.Time to sell. I know it's not what you want to hear, but it seems as if you can't handle your payments, or worse, you'll never have equity built up, at least not any time soon.

Dallas
You need serious help. Call Chase Home Finance

Alethia
yes of course, you will have to come up with the closing cost. Usually they take the cost to refi out of the property. then you get to take cash out and pay your closing. its then all added to your new mortgage., but if there is no money in the property then you just have to cover the cost your self. hope this helps

Eleanore
I do believe this is known as Negative Equity. Good luck!

Estefana
not unless you have cash to provide and your payment history and credit are good

Hanh
Reputable lenders will not lend you more than your home is worth. There are lender who will go over 100% financing, but you better be watching your back. The rate probably won't be very good, because there are so few who do this. A few years ago, there were a lot of lenders who would go to 125% on home equity loans, but today the market in many areas has fallen, and those people can't even sell their homes.Did you get an interest only loan, or did you fall behind and make just the interest payments for a while? I'm afraid you're going to have to find a way to make the payments as they are, and even try to make additional principal reduction payments. Good luck to you.

Laraine
It's possible but you would have to put in a deposit that would bring the principle down to what the house appraised for. Without that there is not a bank in the world who will refinance it.