How do I refinance when my mortgage is more than the property value?
Saturday, September 27th, 2008
teachingmother asked:
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?
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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?
Website content