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Jon Said:

Can I refinance my mortgage for half the price?

We Answered:

Absolutely.
You can make extra payments of principal on your existing loan, which greatly reduces the amount of interest you pay over the life of the loan.
There are costs to a refi, and some lenders don't do such small loans, or the rates are not as good. So check out your options before doing this. It might be better to keep the existing loan, make a nice principal payment, and put some money in investments to feed into your monthly payments.

Start with talking to your current lender. Ask about a loan modification.

Jeffrey Said:

What happens if sale price of house does not cover mortgage pay off?

We Answered:

1. No programs, unless they are scams.

2. It would be considered a short sale and you need to get your bank's permission to sell it for less than what is owed.

Jordan Said:

Can you get a 1st mortgage for more than the price of a home to be used to make repairs &/or pay debt off?

We Answered:

Only if the house is worth more than $160k but yes, you can use the extra money for whatever you want...I recommend paying off the car or getting a newer one.

Frank Said:

Hey Pl some body tell me effect of new mortgage rules on the price of property?

We Answered:

New rules are already in place. No effect on prices just on the potential buyers. As it is many cannot obtain a mortgage.

Vera Said:

i don't understand about mortgage crisis going on in U.S?

We Answered:

You pretty much have it, except the mortgage rates did not get high. We have not had high mortgage rates since the 80's.

Jesus Said:

Is it possible to take out a mortgage greater than the price of the house?

We Answered:

Those loans no longer exist, especially as the market continues to decline and lenders are tightening their requirements.