I have underwater mortgage through Chase. Is there a chance I can refinance to a low interest rate
My interest rate is 6.225%(5/1) and it's going to recast by April of 2012. by jg_052_760_807 from Pomona, California. Sep 26th 2011
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
It may be possible if owned by Fannie Mae or Freddie Mac, or if it's a FHA 5/1 ARM. It will also depend on how far upside down you are. Contact me and I can find out for you and do a CMA on your property to see exactly where you stand.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
it's possible, however if your negative equity is greater than 25%, then the answer is NO... If you have up to 5% negative equity, just about any lender can do it... But hang in there... the Government will most likely come up with a new refinance program with no Loan to Value restrictions.. (LTV) what this means is that you will be able to refinance with no appraisal. We know it's coming, just don't know when.... WilliamAcres.com
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