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Question: How to refinance for low rate if price of the house drop down .i purchased the house 7 month ago?
(Posted by: IraP on 2009-02-24 08:40:52)
I am the client of Citibank for the mortgage. I asked the bank to refinance, I bought the house 7 month ago and appraiser's price was 650000, today appraiser says that the home is worth 550000 I locked the rate 4.85 % for 60 days .Now I have 6.85 %, Broker from bank told me can not make the refinance because price is down . but prices are down because the banks don’t wont to finance people for new lone and people cannot buy the houses. Why the and Citibank (and all banks) geting our money from federal government but do not want to help the people who already the clients? Why bank do not want to refinance for the low rates? Or they just interesting to use us tax payers from both side and get the millions bonuses? What do you think about this? How to solve this problem? I Shoped around for the best rates & terms. but nobody would like to work with us because the price is down As I understand the loan modification just for low incomes or foreclosures |
