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Over my head on my home loan

Hello, I currently owe at the least $15,000 more than what it is worth. I have a ARM at 6.5% which expires in 2 years and a second fixed 30 yr loan at 9.5%. Does anyone know how I can go about refinancing? I have already contacted the lender and they won't do a loan modification. I really need to lock into a 30 yer fix loan and lower my monthly payment.
  • December 30 2008 - Camas
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Answers (3)

Talk with ethe 2nd lien holder and see if they would consider being subordinated to a new fixed rate first mortgag ethat will drop your mortgage rate from 6.5% to whatever you can get probably 5.5% FHA and what the new reduced rate payment will be if they say they will consider it...You might be able to refi the 1st.
  • December 31 2008
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They wont do anything until you are behind.

Loan Modification Information
  • December 30 2008
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Depending on your credit....you may be able to absorb some of it by roling it to an unsecured line....You also have the option of a short sale if you want to sell the home
  • December 30 2008
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