My husband and I refinanced our house two and a half years ago with an ARM. I know it wasn’t a smart thought, but at the time that was the lowest interest rate that would best match our income. Now come January, the ARM is going to kick in. I’m frightened that the payments are going to sky rocket. We are trying to refinance. BofA said two months ago that everything looked fantastic, and we basically prequalify, but we needed to wait for two months for my husband to be out of his bankruptcy four years. So we did. Now that we’ve waited, BofA said that their parameters have dropped and we don’t qualify any more. They suggested using their FHA program. We were nearly in, except when they did the comp value of our home, it didn’t allow us to qualify. Two years ago, our home was worth 247 thousand dollars. Now it’s only worth 190. We owe 162. So we don’t qualify there. They suggested using an actual appraiser to come to our home, and that will cost us 0 and if the actual appraisal comes back at 205
we could qualify. We don’t know what to do. How can an actual appraiser make their appraisal 15 grand more than the comp value that the bank did on their own?
We don’t know what to do. Try and sell our home? Go ahead with an actual appraiser? Look for other Governmental loans? Any help/advice/suggestions…websites will be sooo helpful. I don’t want to lose our home. We are stressed out and just really not sure where to go from here….Help Please…
My husband and I are in a bit of a dilema and need advice from someone specializing in Real Estate/Broker…?
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