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Have a question for a friend's situation that I can't answer and was hoping that some professional mortgage person can!
Single family investment property house with adjustable rate mortgage due to reset to 20 yr fixed.
Won't appraise for purchase price but could achieve mortgage payoff in current market if sold.
Not fannie or freddie so not Harp eligible.
Any chance of a refi on this?????
Last edited by Hollytree; 02-27-2013 at 02:54 PM..
The fact that it is an investment property induces the requirement for a thicker equity cap, meaning you can't go as close to the value with your new loan balance.
How is it "due to reset to 20 year fixed?" Can you elaborate on that? thx
Was the original mortgage interest-only for 10 years, then amortizes as a 20 yr mortgage for the remainder of the term?
How much equity is in the property if it sold today? Is it less than 20%?
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