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unfortunately, it became difficult for new borrowers to re-fi due to the falling real estate market. The bank will not finance 100% of the value of the home in a normal mortgage.
so when you financed $240 for your $300K home, which now assesses at $250, you are screwed and can't refinance if you owe a penny more than $200.
is this what is happening to you, Raven?
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