Zero equity refinance

[Latisha Douglas]

Is this still possible? I own a rental unit which I bought during the bubble. 9 years later it’s still worth less than what I owe. Not huge about 20k underwater AND there is zero cash flow. I’ve been holding on all these years because I can technically pay for it (with sacrifice) even though I lose money many months. I would like to refinance. I have a first and second mortgage (HE Loan). If I can refi into one loan I can essentially lower my mortgage payment by about $400. Credit is good but I’m not sure which mortgage company will do the refinance. Is is NOT an FHA loan so those options are out. Thanks in advance!

[Paul Defngin]

Latisha Douglas I would recommend reaching out to a local LO to discuss whatever recommendation/strategy that you can map out. If you don’t know of any local LO, I would recommend you contact Upen Patel who lends Nationwide and see if you both can come up with some viable options after some self discovery about you and all available resources at your disposal.

The short answer to your question is that if the property does not have equity, then you will not be able to refinance it - unless you bring funds to closing.

Good luck.