How can I refinance my adjustable rate FHA morage into a fix rate morage.?
We bought a home five years ago appraised at 178,000 we bought it for 145 and currently owe 130 on it. It is a FHA morgage with a adjustable interest rate. The interest rate is adjusted yearly. We want to get a fix rate. But, the bank said they will not work with us until we do not pay our mortgage for three months. I said that is immoral and illegal. My wife lost her job and now the house is worth 70k AT MOST! The houses around us are now selling for 20k. Please help, we want to keep our house AND pay the mortgage. We have brilliant credit and always pay our bills on time. We still have the funds to pay all our bills currently. What should we do?
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This is a pretty simple deal. You have an FHA loan which means you can do a streamline refinance without verifying your income or assets and without having an appraisal done.