Refinancing an option?

[Questions]

Hi everyone. Thanks so much for all of the answers to my previous questions. After reviewing the site, I'm wondering if refinancing would be an option for me. I have a interest only ARM that is set to increase 11/2009 and I really just want a lower fixed interest rate. It will really help if my payment is more affordable than it is now but honestly, with all of the modification run around, if I can refi, I will go that route.

I have one of those 80/20 subprime mortgages for a home that I purchased in 2005. The value of the home has gone down but I believe I still have a little equity built up. I don't want cash out or anything, just a fixed rate and hope for a somewhat lower payment or around where it is now.

1st mtg: $249,000
2nd mtg: $ 60,000

A few questions:

Can you refi with 30 day lates? I have 1x30 day mortgage late on my 2nd mortgage this year

Would I only be able to refi my 1st mtg? My 2nd is fixed but a high interest rate.

Any options that people can suggest are greatly appreciated!

[Questions]

Forgot to mention that my current home's value is appx $330,000.

I haven't had the home appraised this year but last year, it appraised for appx $375,000 (can't remember the exact amount) but the value has dropped. May even be a little lower than $330,000 but not by much.

Thanks for your help!

[Moe Bedard]

Hello!

It would be very difficult to find a lender that will go that high on your loan to value and especially with a 30 day late in the last year. I think your LTV is to high and that 30 day late may have placed you out of the game for sure.
How many 30 day late payments in 12 mos?

Don't pay application fees or fall for someone saying what a bad situation you're in. You aren't the worst circumstance. That belief will cost you.

You have options.

If you can't refinance because of equity, you will need to contact the lender and speak with their loss mitigation dept and hopefully they can start loan modification.

You can download the ebook in my signature and that will help you understand.

I wish you luck!