Question by pine_acres: How can I refinance my mortgage when the existing loan in greater than 90% of the value?
It doesn’t seem lower interest rates do the majority of people any good, as mortgages already greater than 90% of the appraised value can’t be refinanced (even if refinancing for the same amount!) How does this help people who’s home value has dropped with the market and are struggling to make payments on their high interest ARM? Would they rather these people foreclose or declare bankruptcy?
Answer by glenn
Your best bet is to call your current mortgage company and try with them. If they say no—then wait a week and call again. I would even do it a third time if needed.
I have found that maybe I say things in an odd way, The second time I called I got a different person and maybe I was more polished in my request.
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