ReFi Help- Anything available for underwater Jumbos?
We built our dream home 2007-08, and were unable to sell our previous dream home, built 2001.. we have very good income, so didn't need equity out of the old house(but sure would have preferred it)Rented old house and had to take Jumbo on new house- rate 6.875.
We have excellent income and very good credit scores- but closing in 2008, we owe about what house is worth. I tried to renegotiate with our local bank who holds the loan, but they will only reduce rate if we come with lots of cash to the table. We have been with this bank for quite some time, and have our business dealings with them as well.. I don't want to take out of savings..
It is really frustrating because I know sooo many people who stop paying their mortgage, and then the banks are more than willing to negotiate.. we have good credit and certainly don't want to do that. Are there any programs that will help re-fi a jumbo with with little or no equity? -for people who have excellent income and credit and pay their bills?
Am not sure if I'm posting this in the correct forum.. if there is a better one- please let me know. Thanks