Profile picture for apingicer

Way to Refinance if underwater, current, and non Fannie or Freddie?

We are currently in year 6 of a 10/1 ARM 30 year mortgage. We are underwater with our mortgage by about 22% right now. The loan is not Fannie or Freddie, and we are current with our payments. Credit scores are good, and we make a decent income. Basically, we are looking to get a lower interest rate, get out of the adjustable-rate mortgage, and lower our monthly payment. Our loan is with Bank of America. Do we have any options?
  • December 06 2012 - US
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Answers (1)

Profile picture for daveskow
1) contact BOA to see if they can offer any options
2) pay the loan balance  down to the 95% ltv level and refinance at this point
  • December 06 2012
  • 0Yes

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