How can I refinace with no equity

Iselin,There is a new prgoram rolling out in mid march that maybe able to help in your stiuation. The guidelines shouldbe available 3/15 if you like to reach me then will can discuss your options.Scott@mortgage-me.us201-344-0154c.

Bang down that second as soon as possible...while fixed rates are at all time lows...and refi then could save close to 2% or over 6k a year in interest especially in the early years...good luck

Your only hope is to contact your current lender and see if they will modify your existing loan.. there are no loan products that will help your situation, not now or programs being proposed... WilliamAcres.com

I'm sorry Iselin, I didn't catch the part that you refinanced in June 2010. This makes my previous answer invalid. You are right that BofA is very hard to work with, but unfortunately, unless and until the HARP rules are changed to included loans originated in later years, they are your only hope, and it is doubtful that they will help. The best thing you can do is to chip away as much extra as you can on the second payments and make it go away. I wish there was a better answer available. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

There is a partial solution available to you. HARP 2.0 which is scheduled to roll out in another week. HARP 2.0 will allow you to refinance your first mortgage into a lower interest rate. There are a couple of requirements/conditions. First, your current mortgage must be owned by either FNMA or FHMC. Use these links to check if your mortgage is: For Fannie Mae (FNMA) use http://www.fanniemae.com/loanlookup/ For Freddie Mac (FHLMC) use https://ww3.freddiemac.com/corporate/. Assuming your mortgage qualifies, you will need to get permission from the lender that owns the second mortgage. This is known as subordination. The program does not include any features that would allow the combination of your existing second into the new first mortgage. This is what you need to do. Contact a local Mortgage Banker /Broker. Don't use one of the big banks, and don't use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com