Thanks in advance for any advice I can get.
I am active duty military and I bought a home in California in 2007. THe home is currently worth about 12-13% less than the mortgage. I was stationed to a new location in 2010 (the home was my principal residence from 2007-2010). The mortgage is owned by Citibank and is not Fannie/Freddie backed. I am current on the mortgage, have a great credit score and some money in the bank. The home has a renter, but I am paying a significant amount more for the mortgage than what I can get in rent. I've tried to contact the bank in the past (probably about 10 months ago or so - I've been deployed since) in attempts at principal reduction or refinance. They've told me that I need to have an LTV of 75% or so now that the home is non-owner occupied in order to refi (I don't have the $ for that).
Does anyone have any advice for possible principal reduction or refinance options for someone in my situation with a non-owner occupied property, non-fannie/freddie backed loan (which was purchased originally as an owner occupied home)?