Brad Shoemaker from Southern Trust Mortgage here. I think we may have a way to re fi you without the hardship part. Since you have a Fannie Mae loan , we may be able to refi it without even doing an appraisal. Feel free to call me with any questions nd we can do a FREE loan anlysis.
(757) 685 3913
I would call your institution and demand to speak to a manager or supervisor, or better yet, if they have a brick and mortar location go there and do the same.
I encourage all of my clients to go directly to the institution!
Should they attempt to steer you in the direction of the Obama program, tell them no!
"I want to speak to a supervisor"!
You need to say to them that you are considering to refi with another institution, but since they currently have your information/loan in house, it would be easier and cheaper to continue with them.
Also, remind them that you are a great paying customer!
You should be able to negotiate around 4.5-4.7% with no closing costs!
Some institutions are easier and more understanding than others.
Most of these institutions received assistance themselves and they are attempting to parlay this money into profit!
Demand and stand tall!
You should be proud that you are one of just a few attempting to do the right thing!
Don't worry too much about your equity position.
It may take longer than a 5 year cycle to turn the economy around, because fundamentally nothing has really changed.
Unemployment will increase, bank and credit card rates will increase, income will decrease, inflation is a given with all the free money out there, home prices will continue to decline for at least two years, bankruptcies will increase, short sales will increase and gold prices will most likely rise.
Having said this, the sun will rise again and you will see your equtiy again!
A home is a great investment over time!
Good luck and please let me know what happens!
check out http://makinghomeaffordable.gov/
note there is no (s) after home.
sometimes you have to know more than the people you are dealing with to get things done--if your lender still doesn't come around--talk to his supervisor.