"Refinancing" with negative equity?

[Rebel78]

What is the name of your state (only U.S. law)? AZ

I have a question. Would it be possible (via a mortgage counselor or real estate attorney) to get an 80/20 5 year arm converted over to a 30 year fixed, if I can afford the payments (which I would be able to)?

My payment hasn't adjusted yet, I feel I've been pretty intelligent with my financial decisions, except buying a home in 2005.

I'm planning on moving, and my thoughts are to rent this home out until things are better for sellers, but that could be quite awhile, and the idea of all that rent money going towards a good chunk of interest and me making up the rest is tough, seems like I would be throwing a lot of money away.

any thoughts?

https://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/need-opinion-options-situation-445967.html

 

[seniorjudge]

Double post warning

What is the name of your state (only U.S. law)? AZ

I have a question. Would it be possible (via a mortgage counselor or real estate attorney) to get an 80/20 5 year arm converted over to a 30 year fixed, if I can afford the payments (which I would be able to)?

My payment hasn't adjusted yet, I feel I've been pretty intelligent with my financial decisions, except buying a home in 2005.

I'm planning on moving, and my thoughts are to rent this home out until things are better for sellers, but that could be quite awhile, and the idea of all that rent money going towards a good chunk of interest and me making up the rest is tough, seems like I would be throwing a lot of money away.

any thoughts?

https://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/need-opinion-options-situation-445967.html

https://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/need-opinion-options-situation-445967.html

 

[tranquility]

There is a government program just passed called the HOPE FOR HOMEOWNERS which may help. I haven't studied it in the first place, nor have you put out enough facts to see if you qualify in the second, but it may be worth it to you. Do a google search and contact the appropriate people for more information.

Without that program, no one will loan you more than the house's value in this credit market.

 

[seniorjudge]

There is a government program just passed called the HOPE FOR HOMEOWNERS which may help. I haven't studied it in the first place, nor have you put out enough facts to see if you qualify in the second, but it may be worth it to you. Do a google search and contact the appropriate people for more information.

Without that program, no one will loan you more than the house's value in this credit market.

You are encouraging serial posters ...

 

[Rebel78]

https://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/need-opinion-options-situation-445967.html

I don't feel this is a double post. I included the link to my other thread in case somebody who might know some info could look more at my situation.

My other thread was about voluntary foreclosure. I've decided not to do that and now am trying to get more info about loan modifications.

I'm just trying to figure out if a lender will play ball if you can afford the current payment.

I appreciate any info, I know people are on here just trying to help. I hope I didn't step on any toes starting 2 threads over the course of a month and a half.

 

[tranquility]

Sorry SJ, but I hit "New Posts" and then select all those of some interest to me. Your warning didn't come up until after I wrote and hit the submit button.