Colli Real Estate

Need CASH from my house and the market is down, what should I do?

I need to refinance my house. I have 2 mortgage loans 80/20. And if I try to refinance in 2yrs or less I have to pay a penalty fee. I’ll have 1 yr with my house on April. I want to take cash out of the house but the market here in Florida where I live went down and my house cost less than is suppose to be. This is something I dont understand because when you buy a house is because it is an investment and in my case it is not, and my mortgage payment is $2200, that is a lot.. when I bought it the broker told me I can refinance in 6 months but look now. My score is between 596-610. Any suggestions… what should i do? Need money and need help!

Sounds to me like you answered your own question. You can do it but pay the penalty.
Why would the broker tell you that it could be refied if there was a pre payment penalty? I would call him. Why do you need money so bad? If you are refiing to get money so you can afford the payments,this is a bad idea. Once that money is gone what are you going to do? refi again? Its a vicious circle, don’t get caught up in it. I see it all to often.
RE Agent,
Remax

David Harrison Licensed Florida Realtor Mortgage Broker

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