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Should be…call BOA and ask about HARP. Prbably can’t get 4%…but could certainly improve relative to your current rate.
Ask some local lenders about HARP or HARP 2.0 coming out in March. If it is a Fannie or Freddie Loan you should be able to lower the rate based on the information you provided.
I have a second home with a interest rate of 7.5%. We are not a financial hardship case and when we bought the home, it looks as if BOA took out a mortgage insurance on us as we didn’t put down the full 20%. The home has lost 30% of its value. Also BOA may have had a clause that says that they wont readjust the rate due to the mortgage insurance. BOA sold the home to Fannie May about a year ago but they still maintain the loan payments. Are there any programs or options to get down to the current 4%, 30 year loans?
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