We are hoping to find someone who could assess our situation and help us, or at least tell us honestly if there is no helping us. I am not sure if this is the proper forum, but I figure if anyone can point us in the right direction, it would be a decent broker.
Without getting into all the details (but will supply them if necessary), we have an 80/20 split and we are upside down. We owe approx $260K and our last appraisal (about 18 months ago), came back at $240K. I can only assume it is lower now.
My girlfriend and I are two full time working professionals, earning a combined $160,000 a year. I have been at my company for 15 years, her with her company for 8 years. Both of us have absolutely spotless credit and we both maintain scores over 800. With two cars owned outright and zero credit card balances, we have no outstanding debt of any kind. Between us, we have about $50,000 cash in the bank and another $150,000 in 401Ks and stocks. We are the epitome of "low risk" borrowers, a bank's wet dream.
And no one will refinance us.
I don't know if it is because there is literally no financial institution in the world that will do it, or we have just been working with crappy brokers who are not digging deep enough, but my belief is that there must be someone out there somewhere, private or otherwise, who wants our business.
We are not looking for a bailout or principle reduction or anything like that (though we would gladly accept a principle reduction). We just want to consolidate our loans and secure a lower interest rate.
We are becoming very frustrated and do not know what, if anything, we can do. Is it possible for us to refinance based on our own financial merit? What other options do we have?