Who can I turn to, to refinance my mortgage?
First Mortgage 164,000. Value of home is 200,000. Second and third mortgage together are 65000. First mortgage interest is 5.85%. That's fine. But second and third is 10.75% and I can't afford to pay that interest. No one will refinance because together I am at 115% of value. What do I do? by marieswift64 from Lenox, Massachusetts. May 9th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
I agree with the other lender- you are stuck until values get better. Do not attempt a loan modification because they will make you go late on your mortgage payments before they even consider this option and it will destroy your credit. The chances of getting a loan modification at this time is going to be rare.
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
Are you on a FHA or Fannie Mae loan? If you are not available for a streamline, then you might want to look at your state and your local cities. They might have programs available to help people stay in their homes. Chances are you will not get any help from your 2nd or 3rd mortgage. But you can try. Never stop making a payment, even if the bank tell you that they cannot help you unless you are behind. Can you rent your home to cover the mortgage?
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