200k, 300k, Cash Flow, Clarification, Closing Costs, Financial Approach, Financial Investment, home, House Sale, lender, Lenders, listed, Long Term Investment, Long Time, Mortgage Refinancing, New Houses, New Job, New Location, Options, refinance, SALE, taxes, Time Builders, won't
Why won’t lender refinance a home that is listed for sale?
I have a home in GA. Was appraised at 300K for taxes a year ago. I have a 15 yr mortgage and owe about 190K. Market is bad, and I don’t expect to sell for even 250K for a long time. Builders are selling similar NEW houses for 200K or less – I can’t compete. I am probably not going to recover any more $ that I put into the house, so I want to reduce the payments. Would like to refinance to 30 yr mortgage to reduce monthly payments while market recovers enough to sell without giving away. If I pay closing costs for refinance, what does the lender loose if I sell the house in 6-8 months?
Details for clarification. I moved away for new job and the house has been for sale for a year. I need to get rid of this house as soon as possible. I need cash flow to live in my new location. Spending 2K a month that I will not be able to recover (because I will need to sell at very low price) – does not seem smart. I cannot afford to “wait out the market” and get the full value out of the house. Looking for ways to slow the cash flow into the mortgage. Refinancing to 30 yr seemed to be a quick way to reduce the monthly bleeding of funds until I sell – I know it is not the best financial approach for long term investment, but that is not the position anymore. Now, the house is just a burden. I am paying $1K in interest now each month, but *if* I could pay $4k in closing, and reduce the monthly payment to $500 (guesstimates) , I could make up the closing in 8 months while increasing my monthly cash available. But, it seems lenders will not refinance if my home is for sale. Options?
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