Posted on: 26th Jul, 2012 09:24 am
Hi all,
Just wanted to see if anyone might know how to help me.
I am currently in an ARM with a current interest rate of 6.25 (which can't go lower). I am underwater on my mortgage and it is not Fannie or Freddie nor is it FHA.
My loan is serviced by Bank of America but actually owned by US Bank so the National Mortgage Settlement doesn't apply to me (as BOA told me).
My mortgage payment is not more than 31% of my monthly income, so I don't qualify for HAMP or HARP (so I'm told).
Is there any way to refi out of this ARM and into a fixed rate loan or am I stuck forever??
Just wanted to see if anyone might know how to help me.
I am currently in an ARM with a current interest rate of 6.25 (which can't go lower). I am underwater on my mortgage and it is not Fannie or Freddie nor is it FHA.
My loan is serviced by Bank of America but actually owned by US Bank so the National Mortgage Settlement doesn't apply to me (as BOA told me).
My mortgage payment is not more than 31% of my monthly income, so I don't qualify for HAMP or HARP (so I'm told).
Is there any way to refi out of this ARM and into a fixed rate loan or am I stuck forever??