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i have a loan with countrywide/BofA that is 1.4million, but the home is now worth $850K. What are my refinance options. I am currently paying on an interest only 6.75% note.

i have a loan with countrywide/BofA that is 1.4million, but the home is now worth $850K. What are my refinance options. I am currently paying on an interest only 6.75% note. by david0_152_631 from Fountain Valley, California. Aug 29th 2011 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 566 contributions

Sorry, unfortunately there are no programs at this time that will allow refinancing with that much negative equity. Hang in there...Feel free to contact me if you have any questions.

Aug 29th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

I'm not aware of any new loan options for you either... BUT, this isn't the case with everyone who may be upside down. Everyone should contact an NMLS Licensed Loan Officer who can personally review their situation to determine their options. Many people are able to refinance under the auspice of the HARP program (Home Affordable Refinance Program). In MN or WI, visit www.MnBestRates.com

Aug 30th 2011
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Craig S. Spaulding (togabroker2@yahoo.com)
#54 ranked lender in New York - 18 contributions

David, Your not alone, there is a great percentage of the country that is in your position. It is not your fault and there isn't anyway that you could've seen it coming. You have 2 options that I know of- You can contact Countrywide/BofA and ask for a loan modification. The other option, if possible would be to wait this thing out and see what happens with the real estate market. I doubt that it will get any worse. If you are happy where you live and can afford it- wait it out... I would look into the modification and see if they can help you out.It will get better !Thank You,Craig S. Spaulding

Aug 30th 2011
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Brian Dawson (brian.dawson)
#40 ranked lender in Ohio - 104 contributions

I would contact a non profit organization to help advocate for you. A company like NACA will assist you free of charge in negotiating with your current servicer to lower your interest rate and or forgive some principle balance due to the negative equity position you are in. This is all done in an effort to lower your payment. Best of all the services are all free. YTou have nothing to lose. They work directly with the lender and advocate for you using all resorces available. I have sent my clients to them and they have had great success. I wish you all the best of luck!Brian Dawson866-790-4489 EXT 4207

Aug 30th 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

Great answer Brian! Good luck David!!!

Aug 31st 2011
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