Profile picture for wacosta

put 0 down in 05 and will readjust. trying to refinance with some money down for 30 fixed

We're trying to refinance our condo. We have EXCELLENT credit, money in the bank but with times being crazy we dont want to put down the astronomical amout Wells Fargo is asking us to. How is everyone getting around this. Our current rate is 5% interest only and readjusts next year. I dont want to risk the rise in rates. Wells Fargo seems to only want to to talk to us if we are delinquent on our loan. Here we are trying to do things the right way but since we dont have all the cash they are looking for they won't help. Any suggestions?
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January 14 2009 - Washington
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Answers (3)

I think your best option is to post your refinancing request here on Zillow if you are not getting anywhere with Wells. It does seem counter-intuitive lenders are only working with those delinquent already and do not seemed ready or willing to work with folks without that delinquency. Once you go delinquent, working with another lender instead becomes almost impossible, perhaps that is their motivation. Do not discount perhaps calling the offices of the Honorable Eleanor Holmes Norton, your representative in the US House of Representatives to see if her office could intervene on your behalf. I do wish you good luck! Jim
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January 24 2009
Profile picture for wacosta
Mortgage balance is 490K. Not sure what it's worth. So still have to go through the appraisal process. Condo in Columbia Heights.
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January 14 2009

Wacosta, what is your mortgage balance(s), what is your house worth?

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January 14 2009
 
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