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Need some advice on 80/20 loan refinancing option(s)

Profile picture for RaymondJun
I purchased a house in 2007 at 299K with 80-20 loan. Zilow as of today (02/02/2012) values it at 270K. Current balance on both loans are 223K and 57K roughly. Originally it was countrywide then both got transferred to Bank of America, then just recently 80 loan (@ 6.375%) got moved to M&T bank and the 20 (@ 8.5%) to Green Tree. I've never refinanced before and now am hoping to do it if I can. Good credit, employed, never been delinquent. Do I have any options..??

I checked with a few private lenders but all said there's nothing they can do and told me to check with banks, which I haven't done yet. I'd really appreciate any suggestions. Thanks.
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February 03 - Albuquerque
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Profile picture for HowardVernick
If the first loan qualifies you can most likely refinance the first under the new HARP guidelines starting in March and ask the second mortgage holder to subordinate and keep their second position.
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February 04
 

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