No one can deny that the mortgage and housing market are currently in complete disarray. The bulk of the news reports highlight those who either took on more debt than they could afford or who lost jobs and can no longer afford their mortgage. For these people who are behind on their mortgage they are either being repossessed or are getting government bailout money to allow them to stay in their homes, alternatively they are looking for a fast house sale. There is a completely different group though who either want to refinance to today’s low rates or who need to or want to relocate and cannot because their home is so far underwater. For this group who can actually afford their current payments there are few options for refinancing or the possibility to make a quick property sale to someone looking for to buy house fast. I am currently looking to refinance to a low rate but despite my rock solid credit score and an income that supports the mortgage I cannot do so because my home value has dropped so much. Banks undoubtedly had to tighten standards but it does appear that they swung way to far in the opposite direction on this issue.

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