Upside Down Loan Refinance

One way to get out of being upside down is to accelerate your car loan payments. If you’ve got some extra cash-flow-from a raise or bonus at work, or a hefty tax refund, for example-consider using a portion to make extra principal payments on your auto loan.

Being upside down on your car loan can be a financially precarious position. Here’s how to get right-side up again and avoid serious problems in the future.. Refinance with a shorter loan term.

An upside-down mortgage is simply a mortgage in which the owner owes more than the house is worth. If you can afford the monthly mortgage payments and don’t want to move, being upside down may. Refinancing Your Loan. Another way to get rid of an upside-down loan is to refinance the vehicle with a new auto loan.

An upside down mortgage is one where the balance remaining on the loan exceeds the value of a home. If you have an upside down mortgage, then you actually have negative equity in the property currently. First, it is important to understand the best way to handle this situation is usually to remain in the home for an extended period of time.

Silent Second Mortgage What is a Silent Second Mortgage? (with pictures) – Silent second mortgages are mortgages that are taken out on properties that already carry mortgages. With this particular approach, the holder of the first mortgage is not aware of the existence of this new second mortgage .

Refinance your existing car loan. This will only work if a lower rate or longer loan terms are available. Be careful not to take out another loan where the finance terms exceed the car’s value like before. To do so, run the new loan’s terms through an online loan calculator first to ensure it won’t go upside down.

How to Refinance an Upside-Down Mortgage Contact your servicer, the company to which you make your payments, and ask who owns your loan. Request a quote for the refinance program for which your loan is eligible. Apply with your chosen lender. Provide them with all of the documentation required.

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Refi Plus loans are available only for loans that are backed by Fannie Mae or Freddie Mac. In theory, Refi Plus loans can be offered up to 125% of the value of your property, but it seems that most lenders will not lend beyond 105%. FHA Short Refinance Program. A second program designed for upside-down borrowers is the FHA Short Refinance program.

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