Appraisal value extremely low

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Posted by Myriam on September 08, 2008 at 11:58:25:
I have a sad sorry to tell here and hoping for some guidance. I am looking to refinance a mortgage that is set to adjust in 6 months. It's a 80\20 mortgage - home was purchased a year and a half ago in NY. I must add that the lender (wells Fargo) never told us it was adjustable either (another story)
Home was purchased for 400K plus closing cost was added. We owe about 421K for both loans. I contacted a lender in my state and he was looking up some comps and found out the area is coming up at 375K.
Is there any hope? what can be done when the house value has dropped closed to 50K?

Any suggestion will be greatly appreciated.
Myriam

Follow Ups:

Re: Appraisal value extremely low John P 10:24:02 09/14/08 (0)

Why do you think its "extremely low" ? Jimmy 08:15:52 09/09/08 (0)

Re: Appraisal value extremely low River City 06:58:13 09/09/08 (3)

Re: Appraisal value extremely low Myriam 07:58:35 09/09/08 (2)

Never trust someone else with your money Rich-CA 12:44:52 09/09/08 (1)

Re: Never trust someone else with your money Myriam 12:52:05 09/09/08 (0)

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