Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page Refinance this!

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-05-2009, 01:36 PM
Junior Member
  
Join Date: Jan 2009
Posts: 9
Cool

Refinance this!

What is the name of your state (only U.S. law)? Virginia
My fiance has a $385,000 mortgage on a condo that is worth about $395,000
She has an equity loan of $95,000 on another condo that she is renting for $2,000 per month. Her balance on that condo is $135,000 and it is worth about $390,000 in todays market. Now, she is really a great gal and I would love to help her out but need some advice form someone kowledgable in creative refinancing. Her interest rate on condo 1 is 6.75 and the equity loan is 8.25. Can she increase her equity loan to an amount that will give her the 20% equity in condo 1 so she can refinance? Does this make sense to consider this? Your response will be greatly appreciated.
  #2  
Old 02-05-2009, 01:48 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Randy, sorry but this is not a loan site.
__________________
There are two rules for success:

(1) Never tell everything you know.
  #3  
Old 02-05-2009, 02:59 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by Randy Ziemiensk View Post
What is the name of your state (only U.S. law)? Virginia
My fiance has a $385,000 mortgage on a condo that is worth about $395,000
She has an equity loan of $95,000 on another condo that she is renting for $2,000 per month. Her balance on that condo is $135,000 and it is worth about $390,000 in todays market. Now, she is really a great gal and I would love to help her out but need some advice form someone kowledgable in creative refinancing. Her interest rate on condo 1 is 6.75 and the equity loan is 8.25. Can she increase her equity loan to an amount that will give her the 20% equity in condo 1 so she can refinance? Does this make sense to consider this? Your response will be greatly appreciated.
**A: she is stuck on condo one and should be able to refi condo 2 if she qualifies.
  #4  
Old 02-05-2009, 03:10 PM
Senior Member
  
Join Date: Jan 2005
Posts: 21,655
Might want to look at http://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/mortgage-loan-mess-451023.html for more info... (We have a serial poster here!)
__________________
*
*
The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #5  
Old 02-05-2009, 03:18 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by Zigner View Post
Might want to look at [url]http://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/mortgage-loan-mess-451023.html[/url] for more info... (We have a serial poster here!)
**A: we know what is done to serial posters.
  #6  
Old 02-05-2009, 03:19 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Quote:
Originally Posted by HomeGuru View Post
**A: we know what is done to serial posters.
I hate that kind of serial ... tastes like poster glue.
__________________
There are two rules for success:

(1) Never tell everything you know.
  #7  
Old 02-05-2009, 06:20 PM
Junior Member
  
Join Date: Jan 2009
Posts: 9
Quote:
Originally Posted by seniorjudge View Post
Randy, sorry but this is not a loan site.
Sorry about that. I am new to this site and am still learning the protocal. By the way, what is your second rule for success?
  #8  
Old 02-05-2009, 06:21 PM
Junior Member
  
Join Date: Jan 2009
Posts: 9
Quote:
Originally Posted by Zigner View Post
Might want to look at [url]http://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/mortgage-loan-mess-451023.html[/url] for more info... (We have a serial poster here!)
Thanks for the suggestion.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 11:01 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.