Posted on: 06th Jan, 2011 07:31 pm
i purchased a townhome in ga for $100k eight years ago with an fha loan at 6.25% fixed for 30 years. when i bought the house, it appraised for $103k and i financed $97k. i currently owe $86k, but there are hud homes in my neighborhood selling for $44k. i have never paid late on my mortgage and have good credit. i want to refinance, but i can't even get my mortgage company (wells fargo) to call me back about it. i fear it is because the value of my house has dropped. i have looked into the making home affordable program, but i don't think i qualify because my payments are not difficult to make. they are currently only 19% of my gross income. what are my options? i really want to take advantage of the current lower rates and plan to stay in my home for a few more years (i guess i don't have a choice since i can't sell it for what i owe on it). i appreciate any recommendations or ideas you have. thanks!
Welcome angel,
As your property is underwater, you won't be able to get a refinance in order to lower your mortgage rates. Moreover, as you can afford the payments, the lender will not be ready to give you a loan modification even. In such a situation, I don't think you'll be able to lower the rates.
As your property is underwater, you won't be able to get a refinance in order to lower your mortgage rates. Moreover, as you can afford the payments, the lender will not be ready to give you a loan modification even. In such a situation, I don't think you'll be able to lower the rates.
hi angel, you have such a great issue. i would like to suggest to visit slicemymortgage.com. if you are living in California State then you will definitely get help.