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Lower Rates = Easier Refi for Pre-foreclosure Homes?

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Juan Benavidez

Thread Starter
Member
Joined
Aug 24, 2006
Professional Status
General Public
State
Texas
With lower interest housing rates, does it mean that houses about to be foreclosed will find it easier to refinance?
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
With lower interest housing rates, does it mean that houses about to be foreclosed will find it easier to refinance?

YES!! As long as they

1: have actual equity, there are some that do.

2: Find an Appraiser that can get them the equity needed.
 

George Ellerman

Senior Member
Joined
Feb 21, 2005
Professional Status
Licensed Appraiser
State
Ohio
With lower interest housing rates, does it mean that houses about to be foreclosed will find it easier to refinance?

It could mean that those who took out unaffordable, beyond-their-means first mortgaes wil now have a second chance to take out another unaffordable, beyond-their-means second mortgage or refi. FHA is definitely going to make this very possible by loosening standards. This should take care of most financial problems. (Could I also interest anybody in some prime swampland!)
 
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Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
It is what it is...this too, shall pass!
 

Betty H Church

Junior Member
Joined
Oct 20, 2006
Professional Status
Certified Residential Appraiser
State
Nevada
And, if they are still employed and creditworthy. We ain't got to the bottom of the tank yet, how can we possibly push ourselves back up!:sad:
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
They gotta havesome equity in the property.
Will "love" to see refinances based on the original 2005 or 2006, or skippied 2007 appraisal.
Bought house for $265,000 in 2006
Same house now selling for $185,000
And Fannie is going to base a refi on the $265,000 price??
I need to talk to those Underwrters who want all the comps to be closed within last 90 days!
 
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