How do I refinance when my mortgage is more than the property value.?

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My husband & I purchased our condo with two loans from Bank of America: a 5/1 ARM @ 5.25% and a 2nd mortgage @ 6.75%. I would like to refinance our mortgages before the rates adjust. However, the value of our home has decreased over $ 100K. I have called Bank of America to get a loan modification and the woman I spoke to said we do not qualify. Is anybody else having this problem and how did you get a refinance?

What about Sara Palin and National Organization for Women?

Now let me see. . . . one of the main goals for NOW is to show that women CAN be a mother, wife, and a CEO and do all three VERY well AT THE SAME TIME.

So. . . what is the fuss all about? Is it because she likes to go out and hunt moose, skin ’em and bring the meat home? Or, is it because she is not “sophisticated” and does not spout the Hollywood line?

Now, I’m not trying to be sarcastic here, and if it seems so, I do not mean it that way at all.

I think that being a governor of a State is being pretty successful; however, truth be told, being a governor does not mean that a person will necessary be a great VP or potential president.

Mr. Jimmy Carter gives me the opinion of being a very nice person, and would no doubt make an excellent friend and neighbor. However, during his administration, mortgage loan interest rates soared to above 18%; he gave away the Panama Canal, and pardoned the Vietnam draft dodgers.

I gave 4 long years of my life in the service of this country. I was drafted in my senior year at the University of ********* in 1968, and was honorably discharged as a Staff Sargent 4 years later. The draft dodger pardon (in my opinion) was a slap in the face of all veterans.

However, his experience as a governor did not preclude him being the Democratic presidential nominee.

So. . . what’s all the fuss about?
Attention “Bekindto”: I agree with you. Mrs. Palin is a very attractive woman to have had 5 children.

There are a lot of working men and women who (in my opinion) could do a lot better in government than some of the people in the Congress and Senate are doing now.

Look at the corruption in politics now!

When is the last time a member of Congress has worked a 12 hour shift (for 7 days in a row) in a cotton mill or a coal mine?

There are GOOD people on both the ‘left’ and the ‘right’ of the political spectrum. I don’t think however, that we should be calling people stupid names just because we disagree with them.

Hope everyone has a happy New Year, and a better year (financially, spiritually, and health wise) than this year!

17 Comments
  1. Reply
    Gem
    January 22, 2011 at 1:58 pm

    Welcome to reality.

    There is not really help for you.

    When Congress told us they were getting $ 300 BILLION in July to “help the homeowners”, they meant the BANKS, not us.

    Because the banks actually own the land, they government is helping them, not you.

    Sorry. Yet again Congress has stolen from us and lied to our faces (http://www.VoteTheBumsOut08.com).

    The only hope you have is the FHA or HUD. Go to http://www.fha.gov or http://www..hud.gov

    Search for loan modification.

    And yeah, if you, like me, are making your payments and don’t want to trash our credit, there is NO help for us. Only the ones that do not pay. Sweet.

    Good luck

  2. Reply
    src50
    January 22, 2011 at 2:27 pm

    You cannot unless you come up with the cash difference. That is the risk you accept when you agree to one of these dual-loan arrangements.

  3. Reply
    Lynn
    January 22, 2011 at 2:38 pm

    If you refinance, you would have to bring the $ 100,000 cash to closing to make up the difference in the decline in value. It is doubtful that you have these funds. Go to a local bank and see if you can refinance only the first mortgage and subordinate the 2nd mortgage. Just so you know some lenders will not allow the 2nd to be subordinated now with the way the market has declined. If this is the case, explain how locking into a fixed rate on the first mtg will benefit you and the 2nd mtg holder.

  4. Reply
    ADP_14
    January 22, 2011 at 2:59 pm

    It’s an unfortunate situation, and the people telling you that you have no options are probably not correct.The fact that you pay on time does reduce the urgency that the bank feels towards working with you though.

    I’m in the mortgage industry but I recently met a lawyer who deals exclusively with loan modifications all over the country.

    Email me if you want, and i will forward his contact information to you. He will give you a free consultation and let you know if he thinks he can help you or not. It’s probably worth your time to explore having a professional help you out of this mess, as the results they get can be a lot better then the results you can get on your own.

    edit:
    Also, just FYI, if you stop paying the 2nd, it will ruin your credit, but they won’t foreclose. Since the first mortgage will get paid first, the second mortgage holder really has no recourse against you except to put the bad marks on your credit report.

  5. Reply
    acermill
    January 22, 2011 at 3:24 pm

    The answer is simple. You DON’T get to refinance. Any lender will have the property appraised. Since you owe roughly $ 100K more than the property is now worth, the best you could get is a new loan for about $ 100K less than you owe, and would have to come up with the missing $ 100K out of your pockets.

    The reason you don’t qualify for loan modification is that you are apparently still able to make the payments on your original mortgages.

    Live and learn.

  6. Reply
    Hector L
    January 22, 2011 at 3:39 pm

    Stop making payments and you will qualify for modifications.

  7. Reply
    DebbieP
    January 22, 2011 at 4:30 pm

    The fuss is that Sarah Palin would, if she could, take away reproductive freedom for american women. The rest means nothing, but I don’t believe you can call yourself a feminist if you would force women to bear children they did not intend to conceive.

  8. Reply
    Bye Bye
    January 22, 2011 at 5:02 pm

    “one of the main goals for NOW is to show that women CAN be a mother, wife, and a CEO and do all three VERY well AT THE SAME TIME.”

    But you see she DOES NOT do those things VERY well AT THE SAME TIME.

  9. Reply
    Darwin
    January 22, 2011 at 5:35 pm

    Single Wide Sara didn’t do any of these things well. She resigned as governor, her daughter got knocked up, and she was not elected vice president. All she has done is get a book written for herself. She was and is a loser.

    Now what has any of this to do with you?

  10. Reply
    piegowdealer
    January 22, 2011 at 5:46 pm

    Actually making women pay for rape kits in the ER before the police will collect evidence? Is it because most women who report rapes are only doing it to qualify for an abortion?

    Sarah Palin is a Christian Fundamentalist and proud of it. The Christian Fundamentalist movement is opposed to NOW and all that it stands for because NOW stands firmly against Christian Family Values.

    Sarah Palin is a moral thief. She takes full advantage of the benefits a political movement presents her but works to destroy the movement itself. Its like working in a union shop and getting the wage and benefits package that the union negotiated with management, all the while refusing to join the union and fighting to get it removed.

  11. Reply
    Ron R
    January 22, 2011 at 5:55 pm

    women won’t admit that the mother role is suffering , because they blame the baby sitter for the bad behavior of their children……..or the dad……most women don’t take responsibility for the actions of their kids any more…..they want th e “village” to raise them……

  12. Reply
    consrgreat
    January 22, 2011 at 6:33 pm

    You forgot one..AND A DEMOCRAT….they will NOT support ANY WOMAN that is a member of the GOP….AKA they are HYPOCRITES

  13. Reply
    volleyballchick
    January 22, 2011 at 7:24 pm

    Sarah Palin sets women back a long time, that is what the fuss is about.

    She doesn’t agree with the right for the woman to choose what happens to her body and her life.

    She appears to be unintelligent.

    She embraces many ideals that are outdated in a woman’s place in the world.

    She is the polar opposite of what the NOW stand for and fight for. That is why NOW doesn’t agree with her. Sorry if this offends your masculine take on things.

  14. Reply
    BekindtoAnimals22
    January 22, 2011 at 7:41 pm

    Palin is a polar opposite to Carter. I actually like the direction she would like to move the US. I don’t know that she is ready to do that as president but I respect her ideas for the country. I respect her attitude towards ordinary Americans. Few people can get past the fact that she is the mother of 5 and good looking. She is very straight forward and tends to rebel at nuance. That would be her downfall politically unless she learns to deal with it. She is not an academic but rather a common sense person. I haven’t noticed that academics are always that successful in their outcomes. To her, 1 + 1 does indeed equal 2. I regard that as straight forward and reliable.

  15. Reply
    kch05
    January 22, 2011 at 8:39 pm

    Sarah Palin does not believe in murdering innocence. NOW is a pro-choice organization. There is naturally going to be a great deal of friction between the two.

    In response to Darwin, does a woman who knows she is going to give birth to a Down’s Syndrome child, carries the child to term, and then loves and raises the child sound like a quitter or loser? In my opinion she is more of a person than several on here who answered this question advocating “reproductive rights”. “Reproductive rights” is just another term for murder.

  16. Reply
    Well Duh!
    January 22, 2011 at 9:28 pm

    NOW has a problem with Sarah Palin because she likes men.

  17. Reply
    Free Thinker
    January 22, 2011 at 10:11 pm

    NOW is a bunch of stupid women who only dream to be as awesome as Sarah Palin.

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