30% underwater - Any way to Refi?

[angelino]

When we bought our house at the peak of boom, we had 80% interest only 7/1 ARM and 20% on interest only HELOC. 3 years later, principle is still the same on both loans but my home is 30% underwater. Wells Fargo owns and services both loans. I do not know who the investor party is. The home is in Southern CA, so it is JUMBO loan.

Is there anything I can do that can lock in lower interest and 30-year fixed loan(s)? Keep paying interest for next 4 years and I am headed towards a big shock when loan will amortize, ARM will reset and all. Our income is fully documented and credit is perfect.

Please advise.

Thanks,

[Moe Bedard]

angelino,


Have you tried asking Wells Fargo if they have any programs that will help you? They would be the best ones to ask since they hold both of your loans.

[angelino]

I just called Wells Fargo and it appears my 1st mortgage investor is BOA and 2nd is owned by WF. The rep told me that she could not find any investor info on my account so it could be owned by WF itself?

Do I have shot at H4H program in these circumstances?

[Moe Bedard]

that is something that you would need to ask them...........they offer refinancing.