I am living in Ashburn,VA. I bought a home last year for 900,000. Now the appraisal value comes to less than 700,000. I want to refinance th house, however unfortunately lower appraisal value makes it impossible for me. My mortgage payment is way more than I am earning. Please help what do do in this case?
I am very new as a home buyer. I am really in worst financial situation at this time. I do not have any idea about forclosure or any kind of deal which can help me. When I booked my house, builder told me that they can provide mortgage at 6.5% however I got the mortgage at 8.5%. I told them that I can't afford this much payment, then they said, you made an agreement to us and paid $30K deposit while booking home, so if you do not proceed, we will keep the deposit and sell house to someone.
Due to this i accepted the deal and signed the contracts for final settlement. Now I am regretting for doing the same.
Please help me regarding it, what can be done.