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Need Refinancing Help!

I had to take a job which required me to relocate from AZ to CA. I tried selling my home in AZ, but had to lease it.

My first mortgage balance is $293k @ 6.5% and my second mortgage balance is $59k @ 9.1%. Could it possible to refinance the loans to get he interest rates down? Or get a loan modification?

My credit is still good between 721 and 748.

I know the property is no longer worth $352k nor will I be able to afford paying the difference between the rental income and the monthly mortgage payments. Do I have any other options?
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May 19 2009 - Tucson
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With it being a rental property now, chances are slim you'll be able to get a loan mod.  Not saying it's impossible, but....try calling your lender, explain the circumstances and see what they might be able to do for you.  Good Luck
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May 19 2009
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Is refinancing out of the question?
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May 19 2009
No necessarily, but most lenders will only go as much as 75% loan to value on rental properties.  Again, call your 1st mtg lender and see what they would be willing to do for you since it was a job relocation.  Maybe if you can document it being a job related move, they'd work with you.
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May 19 2009
 
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