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re: Short Sold A Spread 2 Years Ago, When Can I Refinance My "New" Mortgage?
Posted on 1/5/13 at 9:13 pm to ATL TGR
Posted on 1/5/13 at 9:13 pm to ATL TGR
Because holding onto a property after it drops 45% in value is "the right thing to do"? Not a single business on the planet would hold on to a toilet bowl of an asset (or liability, however you choose to categorize a house). FWIW, I lost my $120K downpayment and 5 years of mortgage payments ($3K x 60 months = $180K), so it's not like I came out unscathed or didn't put anything into the system.
1
Posted on 1/5/13 at 9:35 pm to BananaHammock
quote:
I lost my $120K downpayment and 5 years of mortgage payments
The market value of the property may have dropped by that much but that has nothing to do with what you paid in, or your decision to bail.
But to answer your original question, go talk with a lender. They'll tell you whether you qualify and under what terms. Simple as that.
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