Posted on: 24th Sep, 2010 04:13 pm
my mortgage is so much but i cant refinance because my home is worth less than i owe. is there anything that can help me. i am in a adjustable rate and it is killing me. i already tryed to do a loan mod. but my mortgage company wont let any go through.
Hi nikimh!
Welcome to forums!
As you're underwater, the mortgage company won't refinance your loan. Unless you have equity in your property, the lenders do not agree to refinance an existing mortgage. You've mentioned that you applied for a loan modification but it was rejected. Did the lender give you any reason for that? If the lender accepts your mortgage modification, it will be easier for you to pay off the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you're underwater, the mortgage company won't refinance your loan. Unless you have equity in your property, the lenders do not agree to refinance an existing mortgage. You've mentioned that you applied for a loan modification but it was rejected. Did the lender give you any reason for that? If the lender accepts your mortgage modification, it will be easier for you to pay off the mortgage.
Feel free to ask if you've further queries.
Sussane