I bought a primary home in Arkansas in 2006. My financing company is chase with interest rate of 6.5%. I pay about $1,150/ month with taxes and insurance.
A few years ago, I moved to PA for a better job. As I was not able to sell my house, I have rented it for $850 / month. My house is currently worth $120K but I still owe $150K.
I have tried to take advantage of home loan modification program with chase. However, my application was denied twice. My current loan to value ratio is 1.25.
If I can lower my payments on the Arkansas home, then I can afford to buy a house in PA. Any suggestions on how I can lower my payments? Is refinancing a good idea for me?