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I own a 2 family owner occupied one floor the other rented.Purchase in 1999 for $280,000 finance 252,000 at 9% fix for 30 years. P&I $2,080Taxes 4000/year Insurance 1000/yearProperty is worth conservative $550,000I have a credit score 740 no other debtsFannie mae ownedSelfemployed average $4,000 per monthI already tried my lender, October 2011 for a modification but said no beacause the NPV failed. I found later I have to much equity. Harp again low LTV and Hamp Fail NPV.I want to apply for a 15 fix for the oustanding $219,000 no cash out that brings me toa PITI about $2,100 per month. But I am not sure to the debt to Income ratio What are my options?
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For Sale: $1,700,000
For Sale: $499,000