| Author | Message | ||
     Hangontight |
I'm mad. I bought my house 1.5 yrs ago and put 20% down. Since then, the value of the home dropped so now I only own ~16% of the home. Under the new loan modification program, homeowners who own less than 20% of their home and are in danger of not being able to make their payments are now eligible to refinance at lower rates (about 5% on a 30-yr right now). I called my bank and they said I can't refinance because I have stable income and I'm not "In danger of not being able to make a payment". So, I'm being punished because I have a stable job. Some people are thinking about intentionally being delinquent on their payments so they can more easily qualify...I would never do that. That being said, I'm not happy that this situation is rewarding irresponsibly and punishing people like me who can afford their current payments but would like to save a little cash.  | ||
| Crackhead |
i feel your pain. I am hoping to refinance too. | ||
| Rams |
same happened to me. it really sucks | ||
| Hr_puffinstuff |
try another bank. we're working on a refi now, and all it took was a legit offer from someone else to get them on board. | ||
| Slaughter |
Yeah - if you are a good credit risk, there ARE banks - AND CREDIT UNIONS who would be eager to talk to you. | ||
| Greenlantern |
+1 | ||
| Xl1200r |
And probably for less than 5%... | ||
| Darthane |
Ditto. Once upon a time I had about %25 equity in my home. Recent estimates now put me something like 40% in the RED (yay foreclosure auctions!). Extremely frustrating - especially when the morons from the mortgage companies keep calling me asking if I'm interested in refinancing when they know damned well they aren't willing to refinance. |
