well, if that isn't a kick in the ass when i'm down.

[swingchickie]

i just found out i won't be able to refinance my mortgage.

why?

because despite all of the improvements i've made to the house... about $20,000 worth in 3 years... my house was just appraised for $45,000 LESS than when i bought it.

****ing economy. ****ing down real estate market. ****ing slob who sold their mess of a house down the street from me 3 months ago for next to nothing, because it was falling down.

sigh. what next, universe? throw it at me.

Comments

[ms-violet.livejournal.com]

Oh, crap, I know exactly what you're talking about. our next-door neighbor sold her house with a reduced price because she hates summer heat, had the opportunity to get a one-level house in the Poconos and thought this summer would be like last summer (raging heat and humidity). so my other neighbors were complaining about what would happen to the value of their homes, should they choose to refinance.

This completely sucks. I'm so sorry.

[shanabanana.livejournal.com]

I'm in the same boat. Sucks. :(

[boutell.livejournal.com]

Oh man. Sorry to hear it.

[alice-at-night.livejournal.com]

can you try a different bank/appraiser ? or a mortgage broker?

It likely won't work, but maybe its worth a try. $45k is a lot to swallow :-(

[swingchickie.livejournal.com]

switching banks won't do anything, because no-one will refinance a mortgage on a house that's value is less than what's still owed. i've asked for a copy of the appraisal so i can see why the appraiser priced my house so low... to see if i can dispute what he wrote, or at least see what needs to change in order to try again in a few years.

[alice-at-night.livejournal.com]

I am pretty sure new bank = new appraiser. But still, $45k is a lot to overcome.

Again, Mortage Broker! They know all the tricks! Yeah, you end up paying them a few hundred (hidden in closing costs) but I find it worth it.

[bohemianrapsody.livejournal.com]

Ugh..sorry to hear that. I'm in the same boat. My home's value went down $10,000 (I think I paid much less for my place than you did-so perhaps it's all relitive)
It's a bitter pill to swallow..but have patience..hopefully things will turn around in a couple years. *sigh*

well shit

[katehaney.livejournal.com]

I'm so sorry. FWIW, when we did our refi last month, the paralegal who did the closing said that ours was the only house she'd seen in months where the appraisal didn't go down... and we bought 9 months ago!

It didn't go up either; it stayed the same. And we've put a fair amount of money into it.

This fucking economy fucking sucks. Ref: my post today.

:( :( :( :( :(