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Do we have any options in todays market?

1st Mtg $208,000.00 5.5% Fixed, VA Loan w/ Chase
2nd Mtg $75,000.00 7.5% Fixed, with Wells Fargo.
Our Zestimate is approximately $169,000
We are about 1/2 way through a Chapter 13 though we've NEVER been late on ANY of our bills. We are gainfully employed and have been for years. Is there any option in the scenario mentioned for some kind of a refi or rate modification. I understand about LTV's but I would think lenders would rather renegotiate / refi people in our situation than have them walk away. It seems all the "programs" you hear about go to those who eventually default anyway. Very frustrating.
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June 14 2011 - Mesa
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Have you started the loan modification process with either lender? That would probably be a good place to start.
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June 14 2011
Unfortunately it seems that none of the programs the government has created to help actually seem to happen in the real world.  The banks will act like they have programs for modifications and other solutions but they never actually do them.  The fact that you have two loans with two different lenders makes the situation even more difficult.  You may want to discuss your options through bankrutcy with you bankrupcy attorney.  Usually the only other way out is through a short sale or foreclosure.  If you can get a short sale done without your payments being behind you can usually purchase a new home right away with an FHA loan.  In your case the bankruptcy may affect that option though.  If you are only doing the bankruptcy because of the house you may really want to consider a short sale rather than the bankruptcy.
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August 22 2011
 
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