Welcome zoey,
You will have to refinance your present mortgage into a fixed rate loan so that the interest rates do not adjust on a monthly basis. As you're unable to refinance the mortgage as your property is underwater, it will not be possible for you to get a fixed rate.
You will have to refinance your present mortgage into a fixed rate loan so that the interest rates do not adjust on a monthly basis. As you're unable to refinance the mortgage as your property is underwater, it will not be possible for you to get a fixed rate.
What type of mortgage do you have now? If FHA or VA then you can refinance into a new fixed rate loan without having to do an appraisal.
If not you may want to check to see if the mortgage is fannie mae or freddic mac insured. If so you may have some options even if you owe more than the value.
If not you may want to check to see if the mortgage is fannie mae or freddic mac insured. If so you may have some options even if you owe more than the value.
Some banks will allow you to convert your loan to another program for a fee. Call the customer service # and start asking questions.
What is the value of your home and balance on your mortgage?
