Bank of America won’t refinance our house although we have a first and second mortgage with them now.?

Question by SAMUEL P: Bank of America won’t refinance our house although we have a first and second mortgage with them now.?
Our property is a unique home, made of steel with a metal roof, finished out normally inside with 2×4 walls, etc on 10 acres, but because there are no homes similar in the area that have sold in the last 6 months, they won’t refinance. It appraised for $ 200,000. We’re only asking for $ 116,000? What has changed ? They have our 1st and 2nd now. They say it has nothing to do with our credit rating, it’s fine.

Best answer:

Answer by Kyription
Welcome to recession! Sorry to say, but real estate has practically kicked the bucket, and barely anyone can re-finance anymore.

Welcome to the new America!

Give your answer to this question below!