Wells Fargo will not refinance my property to a lower interest rate because I am severely underwater. My high interest mortgage payment is going straight to the people (Wells Fargo) who were bailed out by the government with TARP. I have a stable job and have made all my payments on time. I applied for a refinance last month and was locked into an interest rate that reduced my payment over $1,500 a month. I was rejected because the property value, after paying for an appraisal, came in half the value of the loan. I am very frustrated! My loan is not a FHA loan therefore, I am stuck. Please allow non FHA loans to qualify for a lowered interest rate?
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