Homes should be appraised and the homeowner should be able to refinance the home for the re-appraised value of the home. Why pay the bank for a $300,000 home when it is valued at $150,000, when and how would you ever pay the home off or resale it. The bank admits that the house is not valued at what you are paying them, and will not refinance saying 'you owe more than the house is worth'. There should be no refinance charges, which adds several thousands of dollars to an already under the water home.
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