Is there any way to refinance my house if it has lost about 35 of its value since i bought it a year ago?

Barrett
Is there any way to refinance my house if it has lost about 35% of its value since I bought it a year ago? I'm seriously considering letting it go to foreclosure because Its just not worth paying for it anymore.

Betsey
You are in a tight situation. Depending on how much that 35% is in dollars, you may or not be able to save it. Your credit will be ruined if you let it go into foreclosure. You can refinance the house, but you will have to pay the difference between your current loan balance and the new appraisal. No bank will issue you a loan with 35% over the appraised value. Maybe 5%-10%, but 35% is just too much.Good luck.

Alonso
You don't want to let it go into foreclosure...that will really hurt your credit. The best thing to do is to contact your lender and try to work out some new terms. If you tried this before and it didn't work, call them again. If selling the home, appeal to investors. Report Abuse

Vicki
Basically...no. Unless, you have enough equity in it that would allow it...but it sounds like you do not. However, if you can afford to maintain your home...letting it go to foreclosure isn't really a very good idea.If you are in a situation where you can not afford your home any longer and you are currently delinquent...I may be able to help you. I do short-sales all the time and I do them nation wide. I have a group of investors that purchase from me constantly. I can also show you how to avoid having to pay any taxes to the IRS on any judgment liens.If you are interested in finding out more. Contact me at greenster5869@yahoo.com. Even if I can't personally help you, I may be able to give you more information that will.

Alline
If your problem is that you can't afford the payments and you can show the bank that you will have to default, they may renegotiate your loan. If however you can afford the payments and just want out because the property value has dropped then you can choose to stay, (it will go back up again someday), or leave and hurt your credit.

Luke
Do you want to sell because it has lost it's value or you cannot make the mortgage payment anymore? Remember, the market is cyclical and will turn around again and maybe sooner then later. If you can make your payments now don't get caught up on the value it's worth now because it is not important what the house is worth unless you need to sell. Hold out if you can and wait for the market to turn again. It's no different if your house goes up 35% and your not needing to sell. It's all paper value unless you need to sell. Then that's what the true value of your home is. I hope this makes sense to you what I'm trying to get across.