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Can I refinance to a lower rate if my house is now worth about 20k less than what I owe now?

Profile picture for sahteach
Husband has lost job, want to refinance to lower our monthly mortgage payment but our house is now worth about 20,000 less than what we still owe on our mortgage.  Loan originally with countrywide which is now Bank of America, they were no help.
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July 10 2009 - US
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Answers (1)

Profile picture for ohiosmitty
i don't know of any programs that allow you to refinance in this situation.

Unfortunately, banks don't seem to work anything out until you become multiple months behind.

good luck and keep your head up!
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July 11 2009
 

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