Comments on: Q&A: Should i refinance loan to avoid foreclosure when payment resets?

By: Noneya

Noneya — Mon, 30 Jan 2012 08:38:36 +0000

Sorry but it doesn’t sound like you stand a chance of refinancing your house.
It’s an investment property which now requires at 20% equity which means your home would have to appraise for at least $ 540,000.00.
The only thing I can suggest is move in to the home and try a refi later or get new renters.

By: jekessans

jekessans — Mon, 30 Jan 2012 07:55:06 +0000

Yes refi if you possibly can. You put 20% down and have worked for this and if you allow foreclosure and have that credit score you will be messed over for long after the mortgage crisis shakes out and getting another loan after foreclosure will be next to impossible in the new economy.