NEED HELP!!! re-fi?
I was wondering if anyone who works in real estate, or anyone who has gone through refinancing would be willing to help me out?
Without giving too many details heres the crux of my situation.
Due to foreclousures I owe much more then my place is worth (had an appraisal and was floored by how much)
I have a 6.75% interest rate on a 30y fixed (and yes I did the right thing by putting 20% down)
My mortgage is right about the cutoff of the % of income needed to get into a government program which name escapes me.
Tried working with my bank, they would approve me to redo my loan, but when the appraisal came through that went out the window.
Tried working with my lender, they said they can't help since I have'nt been late or missed any payments.
(How messed up is that I'm being penalized, for being responsible WTF)
So my options are-
Start missing payments(and ruin my good credit)
Being late on payments(which I was told would not wreck my credit, this is probably the option I would go with but wanted to check with the Fool first)
Or, should I try one of the many Re-Fi into a lower rate ads I hear on the radio?
Really ticks me off that because I pay my bills, I'm having problems getting the help I need.
When I bought my place I was working a lot of O.T. Now depending on the amount of jobs in sometimes I'll get 4 days. So it's eating into my savings, I suppose they'll say why don't you sell some stocks, but the majority of my port is for the long term.
Sorry for the rant, but I'm really pissed off (and that's hard to do, I'm normally a pretty mellow fellow)