Need advise on refinancing my townhouse

[Administrator]

Hello Everyone, I currently have 2 loans (80/20) My 80% loan just got adjusted this month. I was in the process of refinancing my house with Suntrust bank just last month. I actually was getting a pretty good deal, a 30 year fixed rate conventional loan at 5.75% with no points with the option to buy out the PMI for .0875 of a point. Unfortunately, the appraisal came back too low and Suntrust will no longer refinance my property. They did offer me to refinance the first loan based on the total amount I can borrow, but I just don't like the idea of keeping the 2nd loan, especially when I am about to spend more about 8k in closing costs, not too mention this 20% loan is Interest Only. My property has lost about 20% of its value. I have excellent credit, 780 credit score, and I've never been late in any of my mortgage payments, and I still can't refinance my house. Is there anything that I can do about my situation? I was talking to some lenders and they mentioned something about some banks not requiring an appraisal to refinance your house. Is this even true? If so, could you provide me any names that I could call? Thanks for listening. Victor


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(Source: mortgagefit.com)