Go Back To Search Results Question How can the average american refinance with the decline in home values and closing costs from the lenders? There doesn't seem to be an incentive for the American who is making their mortgage payments on time, has no value in their home and can't refinance because of value and closing costs. Don't you think this problem is only going to get worse? I just see the housing market and economy not improving. By Posted on 10/03/11 Total Answers 3 Answers- It gets worse when those people abandon their homes to the bank. Home values WILL rise, the economy WILL improve. People need to learn some patience. Answer by : the kid On Date 2011-10-03 11:28:01 Refinancing isn't a right. The 'average American' entered into agreements to get mortgages to purchase a home. Most continue to pay their mortgage based on the legal contract they signed. Then there are those that either can't (due to bad luck) or choose not to (because they are greedy and care only about their short term pleasures) continue paying their mortgage. They made bad financial decisions during a booming economy. They are now paying the price. Once these transactions are weeded out, the housing market will stabilize. Answer by : ChoDuffield On Date 2011-10-03 11:39:39 Many cannot refinance because of how tight lending restrictions are right now. It might be worse down the road, plenty of "experts" are telling home owners to stop fighting and let the house go back to bank. People figure "hey, Suze Orman said to let it foreclose, why not?" and everyone else trying to keep their home suffer. Answer by : godged On Date 2011-10-03 19:07:30   Go Back To Search Results