Is there anyway to refinance their mortgage, $ 75,000 if it is underwater?

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I lost my job, and we work in the income of his wife. I went to school to try to cook and get my BS because there are no jobs. I tried to get a loan modification of Chase Bank, but they have denied us because we save money and had no taxes. We try to stay away from non-payment, and continue to take money from our savings will not pay our mortgage. Houses at the current value of $ 250,000 and we currently $ 325,000. Thank you for your contribution. I decided not to take the unemployment rate, because there are already too many people using this service and I am not a part-time job. I wish there was something we could make our mortgage because my wife works so hard because he does not want this effect to your credit

2 Comments
  1. Reply
    Zarg222
    April 30, 2011 at 12:51 am

    no and unless you plan on staying there at least another 20 yrs, you will probably not ever get back to break even

  2. Reply
    KelKat
    April 30, 2011 at 1:27 am

    First of all, shame on Chase for not working with you folks who are trying to be responsible! Unfortunately there is no way you can refinance your home for what you owe if the value is less. You should re-apply for the loan modification when your savings os diminished by your unemployment. I would document that they’re telling you that you must miss payments in order to qualify. That tactic is being questioned. Mortgage Servicers should not be telling people they have to default on the loan to get help.

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