How Do You Transfer Negative Equity To A New Mortgage?
Lower housing prices and an oversupply of houses for sale are both precursors to a negative equity crisis. Negative equity is the difference between the amount your house is worth and the amount you owe on your mortgage. When there’s a huge need for a financial product, you can always count on the banking community to create a viable solution–for a fee, of course. Determine the payoff amount of your loan. This is not the amount on your loan statement. You need to request a loan payoff letter from your lender. Determine the value of your house. Ask your real estate agent for an estimate of your property or look up the selling price for similar properties in the area on a real estate website. Subtract the selling price from the payoff value. This is the amount of your negative equity. Contact your lender. Ask if it has a negative equity loan program. As lenders become more confident about the state of the economy and/or your financial situation they are more prepared to help you work ou
