What is the best way for me to refinance NOW?

[sylvesterfl]

What is the name of your state (only U.S. law)? Florida

I've been in a "situation" for almost two years now with my current home. Unfortunately, I did the classic "buy high" in this house and bought it when the market was peaking and just about to crash back in 2005. Well, long story short I have two mortgages to cover this thing and the primary is an ARM. It's about to expire later this year.

On and off I have tried MANY times to refinance without any luck. As bad luck would have it ... it seems this "bailout" has made things even worse. Now, the lenders are telling me the only loans avail to me are FHA loans which require full doc (I can't do that). I guess they got their money and now don't have to deal with any of us poor borrowers

The bottom line is that I can't even afford this house in it's current payment situation and I certainly can't afford an increase. I've been told the ONLY way to get these greedy banks to deal now is if you miss several payments first and ruin your credit. Is there any other way to get them to deal? I've heard of a "loan conversion" but Countrywide (current bank) won't do it for me. I've also heard that these banks really don't want you to foreclose, but ever since the bailout they sure don't seem willing to deal at all.

Thanks for any tips or ideas!

 

[HUD-1]

If you can't refinance, then you are left with trying to work out a mortgage modification with your current lender. Do you know what your ARM adjustment will be? With many indices going lower, your adjustment may be downward ? If not, then try to get them to modify the loan either by converting it to a fixed rate that you can afford or buy putting off the adjustments to the future, giving you time to refi.

 

[sylvesterfl]

Yeah, I hear ya ... but my lender has an almost knee-jerk reaction of saying the word NO whenever I mention the word modification. From there, the "deal" gets even worse. I must be talking to the wrong person or not saying exactly the right things as I just don't get anything from them other than a worse offer than where I'm currently at.