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Currently foreclosure pending but want to refinance

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bzeemama



Joined: 23 Feb 2005
Posts: 2

PostPosted: Wed Feb 23, 2005 3:21 am    Post subject: Currently foreclosure pending but want to refinanceReply with quote
House is in Richland County, Ohio

Current mortgage balance is 329,000 and the value of the home is approx. 350,000.

We are currently working out a forebearance agreement with current lender but we would rather use what equity we have to refinance. Our situation has changed since my husband has received a raise and we have reduced our other debts and we are able to afford the payment that we had.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Apr 13, 2005 1:41 am    Post subject: Reply with quote
I will be responding to your stop foreclosure mortgage refinance request via e-mail.
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bzeemama



Joined: 23 Feb 2005
Posts: 2

PostPosted: Wed Apr 13, 2005 3:09 am    Post subject: Reply with quote
After speaking with several people who do appraisals, the house would come in about 385,000 to 400,000. Is this enough equity or not?
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Apr 13, 2005 4:07 am    Post subject: Reply with quote
That is not going to be sufficient equity for a foreclosure bailout loan. You should do your best to work out a forbearance agreement.
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