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I want to refinance but I can't

Profile picture for smunoz7
I bought my townhouse back on 2004. my principal is 207K but the property value according to Zillow is between $162 and $165. my interest rate right now is 6.75%
with NationStar Mortgage. I also have a home Equity loan with Bank of America for $5000.  I have not miss any payments and my credit is good. I tried to refinance my place but I was told that I could not do it because I do not make enough money. I also apply for a loan modification but it was denied because the value of the property is less than what I owe to NationStar. What should I do?



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November 15 2011 - Norwalk
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Profile picture for Virginia Beach Homes
Try talking ith your lender. They might have a loan that could work for you in a refinance. Keep in mind that the banks do not want you to pay less in a mortgage payment as they are getting a lot more of you than they would at these lower rates. Your local lender will know how to get you into a loan better than anyone you could talk to. I would try them since they would certainly want to make it happen for you.
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November 15 2011
Profile picture for TOP END Properties
You may have a better chance trying to refinance with your existing lender with a 'loan modification'.  In many cases they will try to set you up with a program that is affordable given your current income.
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November 16 2011
 
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Profile picture for Phil Zimbardi
DiscussionI want to refinance but I can't
  • Last reply by Phil Zimbardi
  • November 16 2011
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