Q: My house is worth $175,000-$190,000 and I owe $300,000. How do I get a new mortage for what my house is worth?
A:
In short you can't. The amount of your mortgage and the value of your home are not tied together. When you got the mortgage the two numbers were related but now that you owe more than the house is worth you still owe the mortgage that you signed.
Only way to get the mortgage down to equal to what you owe is to pay down the mortgage.
A: I don't know of any way that you could refinance your home for more than it's current value. You may have options. If you are behind on your payments, you may want to apply for a loan modification or a "short sale" where the bank agrees to take a payoff less than the amount owed. You would certainly want to consult with an attorney regarding these options, as there may be tax or other consequences. Best of Luck! Jennifer
A: You cannot because no one is going to lend you more than the collateral; the home is worth. You may want to hire an attorney and apply for a loan modification if you are behind, or think about a short sale to get out from under all of that debt as the house will likely never be worth what you owe/paid in.
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