Just when you're gloating over the good credit score (something you worked hard at) that will get you a refinance home mortgage in no time, you're in for a big disappointment. You can't get another loan when the neighborhood is deserted with "For Sale" signs mushrooming all over the front lawns of empty houses, while a little further down the block, windows and doors of empty houses are barred.

When Neighbors are Going, Going, Gone

You've watched sadly as your neighbors have one by one decided to go on a long foreclosure vacation: the Littles were first to go, followed by the Browns and the Santiagos. Soon, your house is the only one occupied in the block. The wave of foreclosures is turning the neighborhood into the futuristic set of the Mad Max movie, which unfortunately, will affect your plans for a refinance home mortgage.

How could this be, when your credit score is just as perfect at this point in your life? When you attempt to get a refinance home mortgage for your home in a "ghost town" neighborhood, appraisers will knock off thousands of dollars from the value of your home. This is shocking, but thousands of homeowners like you are teetering on a balance between rage and sanity over the loss of equity of their homes.

The rise in the number of property foreclosures have jumped to 100% since last year, by 57% since January. Perhaps they were carried away by the mortgage hysteria and gave up before the sheriff came knocking at their doors. But your story is a different one. You still have a home in a good but empty neighborhood and a good credit score. So what gives? Should you sue your neighbor over this fluke?

Damaged Goods and Your Chances

Scream and kick if you must, but lenders won't budge. Your neighbors have vented their rage on the homes they left behind. Desecrated walls, broken windows, cracked tiles, and other forms of vandalism have lowered the value of the homes, dragging you down without your consent, hurting your chances for a refinance home mortgage just when you have worked hard for it by perfecting your credit score through the years.

But some of the homes left behind, although in pristine condition, had a tumble when pricey homes have to sell at a loss. A 2% drop of property value happens every month, and this doesn't bode well for your plans. All you can do is seek out the deal that will serve you best under the circumstances. Meaning, you'll have to endure a slashed down value of your home when you get a refinance.

Your $1-million property will have an assessed value of $780,000, which is utterly frustrating, considering all the years of paying the monthly mortgage bills for a million-dollar house in a good neighborhood. No wonder your neighbors have gone beserk.

Surviving the Mess

Thousands of homeowners sharing your situation rush to bail themselves out by selling their property before prices go further down the drain. But is this always wise? For your refinance home mortgage, you'll be getting another loan, which will pay off the previous loan, but will mean additional payback years until you're free from the mortgage.

Get a refinance to get a lower monthly bill to stay afloat. This is a better option than getting a visit from the sheriff and losing thousands of dollars already plunked into the first mortgage. With a good credit score, your lender will be fair enough to give you a better deal and lower interest rates. That's the consolation you'll have for your refinance home mortgage for a home in a "ghostly" neighborhood.

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