I don't qualify for help?

Profile picture for mefargo
I owe approximately $166,000 on my house that is probably worth between $135,000-$150,000.  I have a mortgage through Bank of America, but Fannie Mae holds it.  I bought the house in 2008 with a special mortgage offer where BofA is paying my PMI in exchange for me having a slightly higher interest rate (6.25%).

I will need to sell me house in 3-4 years, but would like to get rid of it sooner (I bought it with my ex-husband and regret it).  BofA said I wasn't elligible for any refinancing programs because I am current with my mortgage and have no difficulty paying it every month.  I would love to move into a new house because I feel like I'm wasting my $1100/month mortgage payment.  I'm wondering if my best option is to stay put, short sale, or if there's a refinance program that could help me- Any advice is appreciated.

Thanks,
~Maria
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February 10 - Brookside
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Answers (2)

Profile picture for Sean Casey
Hi Maria,
I am very sorry to hear about your situation.  There are some questions I would need to ask to give you the best advice.  You can call me at (302)893-3379.

Thanks,
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February 10
Profile picture for mrmartorell

You do have choices.  That's the good news.  Some in your position have to sell or are in financial distress so they have no choice but to sell short or foreclose.  You could rent out the house covering your expenses, hopefully.  You could also sell and take a hit. If nothing is pressing financially you may want to hold onto it.  It's difficult to predict what will happen in the real estate market in 3-4 years. 

Hope I've been helpful.  Fee free to contact me anytime.

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February 10
 

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QuestionI don't qualify for help?
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