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WA State 80/20 loan underwater...any refi options for the 2nd?

We bought our house in 2007 for $329k. Today it is worth approximately $220k...on a good day. Chase owns the 80% loan, and we were able to refinance it late last year for a 30 year fixed at 5.25%. That's good enough for me. However, the remaining 20% is owned by Bank of America, and the rate is 8.75%.

It's very frustrating paying $2,200/month for a $1,400/month house. Do we have any options?  I've never missed a payment on anything in my life...but I'm starting to consider the options. Doing the "right thing" is starting to get old...
  • September 14 2012 - Lake Stevens
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Answers (1)

Because your loan to value is quite a bit off it may be difficult to get approved for a refinance. I would go to a mortgage company or another lender other than Bank of America. You do not have to refinance from the same lender that your loan is through. Maybe getting a third party opinion, especially one that wants to earn your business will benefit you. Best of luck.
  • September 14 2012
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