Here's the deal. I filed Chapter 7 in April and the case has been closed and discharged. My attorney did not reaffirm my mortgage but I am still making payments because I want to keep it. However, when I received my property tax listing, my house is valued at 39,000+ and I paid 85,000 for it. How will this affect my refinancing? HOw does this affect the appraisal? I am paying 13.25% because of my ARM which started at 8.39% in 2004. If I cannot refinance because of the house value, since I am making voluntary payments on the mortgage, could I just walk away and possibly qualify for an FHA loan for another home? I am making my payments on time for over a year at 13.25%--surely they could see that I would have no problem at a lower rate??? HELP!!!
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Generally, tax value and market value have very little to do with each other (of course, that depends on the state).
Appraisals...i.e. for refiances...are based on current market value.
As for walking away, and allowing the home to go to foreclosure, with a recent BK, I doubt you could qualify for an FHA loan anytime soon.
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