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I have no equity, can’t use HARP program and fixed rate only until next year 🙁 I am single mother and nervous with this situation. I wish I can lower my mortgage payment of 1,860.00!!!

3 Thoughts on Sell my house or re-finance with another lender?
  1. Reply
    Rob
    January 25, 2013 at 9:59 pm

    sorry not enough info.

    however unless u make 65.000$ yr.
    time now to put it on the market with
    quality realtor so it sells b4 u go to
    foreclosure.

    any income less than 60K , u just 1-2 yrs from
    foreclosure.

    u can rent and come out much better till
    u get in better financial.

  2. Reply
    Apollenaire
    January 25, 2013 at 10:11 pm

    Instead of wishing you can lower your mortgage find a lender to do it.

  3. Reply
    Bills.com
    January 25, 2013 at 10:40 pm

    It is understandable that you’re nervous, but it is not a time to panic. We don’t know where rates will be when your loan is set to adjust, but it is likely that rates will be low and your loan payment may not rise.

    Here are a couple things to consider:

    1. Are you underwater? You say you have no equity, but would you be able to sell your home without bring money to the table to close the sale? If you can, maybe selling is wise.

    2. What are rents in your area? What would it cost you to rent a comparable (or acceptable) home? If renting will reduce your monthly costs, then it is an optoons worth considering.

    3. The current programs designed for no equity borrowers are: HARP, FHA Streamline, and VA Streamline. If none are applicable to your situation, keep your eyes on the news, as there are serious discussions in Congress regarding HARP 3.0 http://www.bills.com/harp-3-mortgage-refinance/, a program to expand refinance opportunities to responsible borrowers who’ve been paying their mortgages on-time, but have not been able to fit into the other available programs.

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