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HomeForumsPrivate Lending & Conventional Mortgage AdviceUnderwater Refinance
Louis Aller's profile image
Louis Aller's profile image
Louis Aller
  • Rental Property Investor
  • from Goshen, NY
  • Member since Jan 31, 2014
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Louis Aller's profile image
Louis Aller's profile image
Louis Aller
  • Rental Property Investor
  • from Goshen, NY
  • Member since Jan 31, 2014
Connect
Louis Aller
  • Rental Property Investor
  • Goshen, NY
26
Votes |
41
Posts
Private Lending & Conventional Mortgage Advice

Underwater Refinance

Louis Aller
  • Rental Property Investor
  • Goshen, NY
Posted Sep 25 2014, 13:59

Hi guys!  

I have a question, I am underwater on a property that I cannot sell or refinance because the loan value is larger than the property value. Value = 350k but leveraged out 100%. However I own a second property outright worth 200k. The underwater property is on an ARM and I would like to refinance to a fixed rate ASAP. Is it possible to use a portfolio lender of some kind who will allow me to refinance to a fixed rate mortgage? I called some of the local banks here in NY but they wouldn't lend because the property I own outright is in Florida. What are my options?

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