I own a condo and have an outstanding balance of $140k, consisting of $104k primary and $36k secondary. I took the home equity to consolidate debts. At the time the property was valued at $163k but now it is valued at $134k. I'm looking to sell because i am engaged and will be moving into my fiancee's home. Check http://obamamortgage2009.blogspot.com/2009/03/obamas-mortgage-modification-do-you.html If I have a buyer who offers me within say $5-7k of the outstanding, can i agree to assume a loan on the residual and pay the bank the difference over time with interest? The same bank holds both mortgages.

Dear Sir: We have trying to refinance our home because our interest rate is at 6% and our payment have jumped to over 4000.00 a month. We are both retired and we are at our ropes end. We have tried Bank of America and they took over 2 months to let us know that our house was worth less than the amount of the loan. They would not even talk with us after the house value was set. So than we tried Wells Fargo, we have our loan with them on our home at the present time. They also have denied us a refinance loan. Their reason was that we do not make enough income to qualify for a lower rate and a lower payment to them. This makes no sense because we are now paying a monthly payment of over $4000.00 to them at 6%. We have never been late on any payment and we never have had a second on the home. We do not understand their reasoning it makes no sense. How can we not qualify for a lower rate and lower payments when we are paying a higher rate and higher payment to them with no problems for them. Please let us know if there is anything that we can do help solve our problem. We do not want to loose our home. Thank you, John W Lynch