Profile picture for randt1031

Underwater Refinance? is it possible?

I've bascially exhausted every avenue and have tried everything to get my lender to Refi my underwater loan which is eating half of my take home salary.  I do not want to walk away from the home.  any help or suggestions?
  • October 13 2011 - Long Island
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Answers (14)

Profile picture for randt1031
Thank you @sunnyview.
  • October 21 2011
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Profile picture for sunnyview
I hear you and agree big time. B of A is one of my least favorite banks. Hiring a company is a mixed bag. Many of them take your money and only get the easy cases solved. If you have been unsuccessful up to this point, then B of A is not interested and they are likely to keep refusing until you stop paying.

Stopping paying has other consequences and they know that so they are counting on you to keep paying because you do not want to walk or damage your credit.

Before you pay any company any more money, I would have a 30-60 minute consult with a good attorney to go over your options and the laws in your state so you can see if there is anything you've missed, You are not alone in this situation, but the lenders do not want to play ball with anyone that they do not have to or don't make money off of so they just keep saying no.
  • October 21 2011
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Profile picture for randt1031
I would love nothing more than to get away from BOA
  • October 21 2011
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Profile picture for randt1031
In my opinion they are just being difficult.  No I'm not eligible for HARP, been down that road.  I've been down this road as well but I'm tending to assume any company/firm offering help is not the way to go either?
  • October 21 2011
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Profile picture for sunnyview
Is there a specific reason that B of A says you're not eligible or are they just being difficult? Do you think you might fit the requirements for HARP?

If they bank says no and you cannot prove that you are eligible they you may be stuck. I understand you not wanting to walk away, but unless you can find an out to allow a refi or force the bank to the table for a loan modification that might be your only alternative other than to keep paying at the current rate.
  • October 21 2011
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Profile picture for randt1031
Already used HUD as well and even called BOA with HUD on the phone and nothing. Still said I'm not eligible
  • October 21 2011
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Profile picture for Sharon Lewis
I am so sorry to hear about your troubles, just know you are not alone, there are thousands in the country who are also struggling since this market went south in 1995.

Try this government FHA/Hamp link. I think it will help you.
http://www.hud.gov/offices/hsg/sfh/nsc/rep/hampfact.pdf
and this one
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
  • October 21 2011
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Profile picture for randt1031
I've tried other lenders. I know if there is an issue it's not salary. But this obviously has effected my credit.
  • October 21 2011
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Profile picture for sunnyview
@Stan Can I ask what organization are you with? Are you writing a specific article for someone?
  • October 20 2011
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Profile picture for Stan Alcorn
Hello,
I'm trying to find people who are trying to refinance underwater homes in the New York/New Jersey area. If you or your clients would be interested in sharing your story, it would help put a human face on the numbers that we report; please be in touch.
Stan Alcorn
  • October 20 2011
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Profile picture for pinnaclebiz
I work with people in this situation all the time.There is an alternative that may [Hotlink and phone removed by Zillow moderator. Please see our Good Neighbor Policy for more information about posting in Advice.] 
  • October 20 2011
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If your loan is a Fannie/Freddie, almost any mortgage lender can assist you.  Why stay with BofA?  Try another lender.  There may be other reasons you do not qualify (income, credit), but give is a shot.  Best of luck to you.
  • October 14 2011
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Profile picture for randt1031
Actually it is.  But Bank of America keep telling me I an not eligible for any programs.
  • October 14 2011
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I am assuming you have verified that your loan is, or is not, a Fannie/Freddie loan product.  If it is, you can get financing up to 125% of the value of the home.  If not, there are currently no loan products to help you with a refinance.  There is "talk" about the Administration coming up with a refinance plan to help borrowers like yourself; however, nothing is set now and the climate in Congress may not help passage of any new legislation for housing.  I seriously recommend you write/call/email your legislative representatives as any solutions for underwater home owners would go a long way to assisting the economy.  Hang on a while longer...walking away will destroy your credit...just maybe, Congress will do something productive!
  • October 13 2011
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