How NOT To Refinance

I hate banks!!

In trying to refinance our mortgage with CitiMortgage, I discovered, I can't.   Our house value has fallen below that 80/20 for what banks say you must have to get a loan or refinance!   I'm still hopeful a bank out there will lend a girl with an over 800 credit score cash, right? 

You would think, right? 

Even our bank that has our mortgage wants us to go through the whole process as if we were a brand new customer.  "You already have our loan! Can't you just lower our rate!" 

"Nooo…."  Cause then they'd be giving up my high percentage loan for a lower rate loan.  That's sweet for the customer but stupid for the bank trying to make $$ off me.

So I've been emailing random lenders.  Here is the response from a local bank in my town, Manhattan Beach, CA. 


Thanks for the email….You will be unable to get a loan with no equity….Government is only helping out on the Fannie Mae and Freddie Mac loans….You have 3 options:

·         Try and negotiate with your current lender

·         Call an attorney for assistance… might have to stop making payments and ruin your credit…I have a great attorney for this…with good results…

·         Wait until values come back “which could be a long time” and then refinance….


Oh.  Okay.  So he advises me to stop paying my mortgage, be delinquent on my loan, ruin my credit and THEN the government will help me refinance and get a better loan?

Wow.  That's the best stupidest advice I've ever had!!  I ache for people that listen to him….   

Why can't banks help people who have excellent credit and pay bills on time?

Hmm….I hate to say it, "That's the America way!"

If you have thoughts, advice or the will to pass this post onto a newspaper or some intelligent person who could get it to another person that could do something about this mortgage-problem-for-good-Americans-that-pay-their-bills, let me know here or at

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