Question by teachingmother: How do I refinance when my mortgage is more than the property value.?
My husband & I purchased our condo with two loans from Bank of America: a 5/1 ARM @ 5.25% and a 2nd mortgage @ 6.75%. I would like to refinance our mortgages before the rates adjust. However, the value of our home has decreased over $ 100K. I have called Bank of America to get a loan modification and the woman I spoke to said we do not qualify. Is anybody else having this problem and how did you get a refinance?
Answer by Gem
Welcome to reality.
There is not really help for you.
When Congress told us they were getting $ 300 BILLION in July to “help the homeowners”, they meant the BANKS, not us.
Because the banks actually own the land, they government is helping them, not you.
Sorry. Yet again Congress has stolen from us and lied to our faces (http://www.VoteTheBumsOut08.com).
The only hope you have is the FHA or HUD. Go to http://www.fha.gov or http://www..hud.gov
Search for loan modification.
And yeah, if you, like me, are making your payments and don’t want to trash our credit, there is NO help for us. Only the ones that do not pay. Sweet.
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