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Thursday, March 3, 2011

3 Home Mortgage Refinancing Nightmares

I've heard some really difficult stories from borrower, agents, and loan officers.  Most of these two hard qualifying incomes are large equity positions, but still hard difficulties.
But the next seemingly simple step became a surprisingly difficult challenge: another appraisal. Like so many other people, we believed that our home must be worth more than we owed after two years of payments and a significant upfront down payment, especially considering that we bought the house for $70,000 less than the list price. It turned out that we were way off. The appraisal came in at a value of $30,000 less than what we owed. We fought the comparison set that the appraiser used -- and then we fought some more -- but we got nowhere and realized that getting our mortgage refinanced wasn't going to happen.
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