How to refinance a owner financed home loan

Depending on your area, the county assessment may be low. I'm not sure how it works for you in Texas, but in my area, the assessment that would be on file now is actually based on values on January 1st, 2011. Our new assessments don't come out until September here. So a lot depends on the current market sales. Best thing to do is to either just talk to a local mortgage broker and have him/her ask for a favor from a realtor partner or appraiser, if possible; sometimes you'll be asked to pay a small fee for a realtor to do a Comparable Market Analysis, or a for an appraiser to do some market research for you. If you don't want to talk to a mortgage person, yet, then your best bet is to contact a local realtor or appraiser directly; tell them what you want to know and see what they might charge to tell you that. $14000 isn't a big difference, depending on the price of the home and market conditions, so I'd bet you'll probably still be able to work something out with a refinance...if it doesn't appraise, maybe the owner of your owner financing would be willing to take a few thousand less with a short payoff. If they'll accept a little less as payment in full, then you should be good to go. Best of luck to you!

If you have seller financing, then your property will not qualify for a HARP 2.0 Refinance. In Arizona, the assessment value is 90% of the actual cash value and is based on that value 2 years in the past, so we never rely on assessment values to determine what a property is worth.. There are online resources to help you come up with an estimated value such as zillow.com or trulia.com, but these are not appraisals, just estimates... There is nothing out there right now when a private mortgage can refinance into a conforming loan. There is talk on the horizon where President Obama has talked about a refinance plan for those who don't qualify for all the different refinance plans currently available, however the details are not out yet, so it's anyone's guess.... you should probably contact a LOCAL mortgage broker, not the local "Big" bank or credit union, and certainly not one of those 50 states internet lenders, and have them run you several loan scenarios for comparison...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I was just checking back with another thought and saw the other suggestion. HARP isn't going to help you if I understand your scenario properly. You'd have to currently have a conventional financed mortgage to make that work. If you're owner/seller financed, then you just have to rely on current market conditions and what the owner is willing to accept as payoff. If you're truly owner financed, then you should be on title as the owner of the property with a lien held by the previous owner; if your market is better there, then you are ultimately the one who gets the gain, or loss, in equity. If you're not actually the owner on title, then you're just a lease, really; if that's the case, you need to review your lease paperwork and determine your responsibility from there, but then you would move forward like this was a new purchase transaction. I hope this clarification helps you!

Who holds your mortgage now? Is it your primary residence? There are some programs available that will allow you to do up to 125% of the appraised value of your property. If you would like to call me to share the pertinent information then I can determine if you qualify for this program. My name is Alix Kee and I own AMK Financial located in Houston, Tx. I can be reached at 713-874-1508 ext 1. I look forward to hearing from you. Alix

whose name is on your deed of trust?? linda at yourloanpartnerforlife@live.com

Explain to the Sellers' that you can not pay the $14k and the 3.5% down payment required for a FHA Re-Finance or Purchase!. The Sellers' and Y'all need agree apon a new sales price. It would have been nice if you had a clause in the Contract (Amendment or Adendum attached to the Contract) that at the time of Refinancing and/or Purchase the tax apprasied value and or the True Market Value will determine the new adjusted sales price, 'but not more then the pre-arranged price'. This should have been agreed upon and completed or considered before commencement of a refinace or purchase application. The Sellers' "Are Aware of This Issue" If not Y'all need to Educate Them! The Sellers' should not try to either 'foreclose or deliver a breach of contract' do to the market conditions and the dramatic drop in the property value! In addition, the Sellers' need to be Realistic and Realize that if they do not re-adjust the sales price and try to obtain the property back, they will not get thier original price they had with Y'all anyway!!! If the Sellers' put the property back up for sale, with a realtor, (6% commission) or for sale by owner, The Sellers' Will Not Get the Price of the Contract you have Now! In closing, Sellers' just need to Simply Re-Adjust the Price! Hang in There! One other item? Are You Making the Mortgage Payments or are the Sellers'? That's another Issue to dicuss. I'm in the DFW Metro area 28 years as a realtor & mortgage pro in N. Texas. Finance property all over the Great State of Texas! SuttonPlaceFinancial@gmail. Pete Valletutti. 1-877-RELO-DFW / 1-877-735-6339