boont, thanks for the info, I've started looking into it. I own a 2 family with a friend and we were unable to refi due to a ridiculously low appraisal as well (rate is currently 5.875%). It's not underwater, but most of the equity vanished, lol. Good thing is, he lives in the 2 family so I should be able to get owner occupied rates. He also owns another house by himself at a high interest rate that is crazy underwater. He should qualify on this one as well.
__________________
When you walk in the shadow of insanity, the presence of another mind that thinks and acts as yours does is something close to a blessed event. -Robert Pirsig, Zen and the Art of Motorcycle Maintenance
|