Millions of Americans are upside down and their mortgage loans right now. This is the direct result of our housing crisis and economic recession. By the year 2011, nearly half of all homeowners could be in this situation. When you have negative equity (i.e., you are upside down and alone), it can be nearly impossible to refinance your mortgage.
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Loans go upside down when the item you buy loses value faster than the loan balance decreases. For example, a brand new car might cost $25,000. A few years later it might only be worth $15,000.
Refinancing an Upside-Down Loan. Another option is to refinance the car with a new loan. If interest rates have dropped appreciably since you took out the original loan, the refinancing would allow you to pay off the car faster, or at least get some equity in it.
Refinancing Your Loan. Another way to get rid of an upside-down loan is to refinance the vehicle with a new auto loan. This is an excellent choice if you can come up with some cash to bring your LTV ratio close to 100 percent. It can be hard to find a lender willing to make a loan with a large amount of negative equity, though.
Being upside down on your car loan doesn’t always require immediate attention. Sure, it’s not good news, especially if it means you overpaid . But as long as you got a fair deal on your loan, and you make your payments on time, the expense of your loan and the value of your car eventually even out, usually in no more than five years.
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Upside-down on a Car Loan – The benefits and risks of options to help, when you find yourself upside-down on a car loan. What you can do if you are upside-down on your car loan.
No LTV Limits or Restrictions with the HARP mortgage fha loan Amounts range from $271,000 to $700,000 (based on HUD high cost limits in county) No Cost 100% LTV Mortgages. Cash Back Not Allowed on the Upside Down Mortgage. DTI Limits range from 36- 43% depending on the Obama home refinance program.
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