Hey all I have a interest only morgt. and I got a letter in the mail saying that my house has went down in value now I was going to try to refi but now since i may be a little upside down I am not sure if this is possible my credit is good my job is stable I am just wondering how I can get in a fix rate with the interest being so low
You can always try to refi anyway. See what the bank says. Maybe you’ll have to put some money down in order to get a fixed rate. You won’t know until you try.
Put yourself in the best possible spot to refi before you actually try.
Who sent the letter?
I was going to ask that, too. It probably didn’t come from your mortgage lender.
Exactly who sent this letter and what does it say? Odds are it did not come from your current lender or anyone you do business with. Likely just a piece of marketing material trying to get you to act.
I’m sure that the letter was a marketing tool from a someone in the business of real estate or mortgages… it is highly unlikely that the lender sent it.
Yeah I recieved the letter from my county referring to my property taxes saying the house has lost value
If the tax assessor sent it, then you may be in for a break on your property taxes. Make sure that they are in fact re-assessing your property at the lower amount.
You are only in trouble if you are going to try and sell anytime soon. Hopefully your mortgage is fixed or you can afford a recast of your mortgage payment and you plan to stay in the home for a few more years.