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Kim Kalvig Asked:

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house. [Edina MN]

01/08/2009

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Answer Provided by: Andy Dilts [07/24/2009]
 

You could sell the Florida property, or refinance your current home and paf off the Florida propertry. Another option is to ask the Florida lender if they have a program called refi-plus, whch allows a refinance in some cases of up to 125% loan to value.