Hi. I was just denied for a mortgage modification (not re-fi) for having "too much equity." I was able to put a lot down (loaned from family members) to make the payments manageable, but my co-op fees have increased by 28% since I moved in and we've had a bunch of expensive assessments, so I'm no longer able to afford my place (my salary's stable but tiny). Sure, according to the bank I would still be able to sell (and probably lose what we put down), but I'm living in the Washington Heights area of New York, above Harlem, which is as affordable as it gets--I couldn't afford any other apartment, even in Brooklyn or Queens. Do I have any options for trying to appeal? HUD or another department at Chase? I guess I'll try for a regular refinance, but the closing costs are prohibitive, considering I'm down to less than $1000 in checking/savings. What's my strategy from here?
I thought the point of this program was to help people stay in their homes, not kick them out if they decide it's cheap to foreclose on you!
Thank you for any advice.