When I refinanced my construction loan 4 years ago, they took comps from 10 miles away, not exactly a "comp."

My point is,why is refinancing necessary??

I would net anywhere between $33 -35k at the end of year 2 or 3 when the buyer refinanced and paid me off.

I am at a loss as to how to title this piece,I have a Townhome I bought(seller financed) in 2001 at $87500 @9%( at the time I do not have good credit)the balance now is 82000(which includes escrows)....the problem is I have done some work on this property.....replaced polybuthylene pipe @$2600,repainted the house$900, other repairs$1500,jacked up the foundation from the crawl space$1600......any way because of the Real estate downturn, there has been a lot of foreclosure around my house which means low appraisal, two units been offered at short sale at $60k and 35k...informal appraisal puts my townhome at 75k to 82k....needless to say I have a difficulty refinancing, credit is no longer a problem.....my question is how do u approach this owner to either write down the Principal to maybe 75k or cut the interest rate to maybe 6%...or alternatively I may have to walk out on the property....by the way how will this affect my credit,it is currently not recorded on my credit reports(I monitor all 3 religiously) the deed is however recorded in my County courthouse here in Cobb County ,Georgia...If any one has another option or approach I can take , pls let me know

I had made a newbie mistake by refinancing the home to a 5 year interest only ARM in April of 2008, which will last until April 2013.

consiter refinancing and pulling out money if your credits good like you say!

I had made a beginner's mistake by refinancing the home to a 5 year interest only ARM in April of 2008, which will last until April 2013.

Starting with one property - maybe an REO apartment, executing a value added play, refinancing and using money for another acquisition is my current plan. anyone know how to acquire mor eproperties quicker and easier.

It doesn't matter if you purchase the house with cash, FHA loan, traditional loan, hard money, or even a trade for old coffee cups...as long as title is transferred to your name as part of the purchase, you are eligible for the tax credit.As far as refinancing with and FHA loan, I would talk to a loan officer at any major (or local) bank and ask what the FHA requirements are to refinance FHA these days...

So I told them ok lets talk about refinancing and my situation and what they did was pass this on to an actual loan officer who is supposed to call me back in 1-3 business days.