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becky honey Asked:

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me? [Minneapolis MN]



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Answer Provided by: Andy Dilts [06/02/2009]

My advice would be to contact Bank of America since they now own Countrywide. They may be able to do a "Home Affordable refinance" or a full loan modification. The other alternative is to "ride it out" and make the payments until the market improves at which time you may have enough equity to refinance