[Reposted in the Refi Forum]
Hey all. I've got a mortgage with Chase at a rate of 6.5% for a $529,000 loan on a home that I purchased for $675,000 but which is currently valued at about $450,000. So, yeah, I'm underwater with an interest rate that's well above the 5.25% minimum required for a refi under the National Mortgage Settlement. And I seem to adhere to all of the other posted criteria for refi eligibility under the National Mortgage Settlement, as the CA AG describes said criteria: current on the mortgage, no delinquencies in my past, no bankruptcies or foreclosures. And so I'd like to get me one of them fancy refi's I've been hearing about.
Unfortunately my "problem" (and, in the broad spectrum, it's a nice problem to have) is that I make a good income and am in no immediate danger of foreclosure. And so, when I called the Chase Hotline last week to begin the application process for this refi, I was consistently referred to Chase's "HAMP Team", who repeatedly told me that, yup, I make too much money to qualify for a refi under HAMP. Which *wasn't* what I was trying to do (I don't think)! I was trying to qualify for a refi under the National Mortgage Settlement! In any event, given my income, Chase's "HAMP Team" would refer me to Chase's "Refi Team", who would hear my LTV and inform me that, no, I couldn't possibly get a refi from that office because of my underwater status, but perhaps I could get some assistance from Chase's "HAMP Team". Rinse and repeat. Again and again. Three hours I'll never get back.
So here's my question to some of you better-informed-than-me folks here: is there, in fact, some sort of maximum income (or maximum percentage-of-income-per-mortgage-payment, or similar metric) above which homeowners are ineligible for a refi under the terms of the National Mortgage Settlement? I, myself, sure can't find any such mention in any of the online FAQs, but am I missing something? And if there *isn't* any such maximum income for a refi under the National Mortgage Settlement, what should be my next step, given the big tail-chase I've thusfar gotten from, er, Chase.
Any info/suggestions/ you can offer would be soooooo eagerly accepted, I can't even tell you.
Culver City, CA