Refinance with Bank of America no Equity.

[carlosramses99]

Dear All,

I have contacted Bank of America regarding refinance my current mortgage with them to lower my payment. I bought my property back in June 2006 i/a/o 284,000.00 Current principal amount is $258,000.00. I contacted them and they said that they cant refinance my mortgage becuase i dont have equity in my house. I told them that I dont want to go to any other bank, I just wanted to refinance with them. NO LUCK, they just told me that I needed to apply for a loan modification and they even mentioned that I have to be 3 months late in payment in order to do this.

I have got into the conclusion that Banks just pushing to Homeowners to be late and then get into a modification. I truly dont understand what type of help they are offering. I dont want to screw my credit, I have plenty of income to refinance my house and I cant.

To make it worst, I just received this Saturday a letter indicating that they needed all my information and details of my income and expenses to apply for a modification. Are this people crazy? Who asked them that I needed a modification?

I need your advised in order to go tours the right direction. I just need to refinance and the value of my house right now is around $170,000.00 and like most of ALL AMERICANS I have no Equity and the Bank that holds my loan, does not want to Refinance my mortgage.

Help and advise please.

Regards,


Carlos Miami fl.

[Dan Bailey]

Carlos,
You are in the same boat as most of the rest of the country. NO LENDER will re-finance a home with no equity/negative equity. Its not just your bank.

The only way to lower your rates is to attempt a modification.

[rk123]

Carlos,

That is good that you received the letter asking for your income, etc. without being late. BOA wants to see if you qualify for modification. As you want to lower your rate and payment (presumably due to a hardship) without affecting your credit, just reply back to them ASAP.

[katita]

ahi,
aaaaaaaaaaaaaaai receive on the mail a flyer "UPSIDE DOWN ON YOUR MORTGAGE? OBTAIN A NEW LOAN FOR 90% OF YOUR HOME'S CURRENT VALUE
So I called them and they said ...WE FIND A LENDER FOR YOU who can pay to your current lender only the current value based on appraisal. FrOm now on you have another lender to pay off your mortgage. I said what about the loss ....In my case THEY SAID Countrywide will have to take it ...HOW TRUE IS THIS...PLEASE ADVISE ME ..I AM TIRED AND SICK OF TALKING WITH COUNTRYWIDE I REALLY WANT TO DEAL WITH ANOTHER LENDER.
But because i owe another property I wonder with Countrywide lender too...I worry if they will charge the loss on my other property loan

[Moe Bedard]

Katita,


We can not comment on these companies................they get their information from public records and than they scam the homeowners........

there are certain restrictions in place for refinances.....and the investors are not willing to take losses..............and no the investors don't have to take the loss..........so the information that they are giving you isn't accurate.

[katita]

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thanks for your reply.