Years ago, when I didn't know as much as I know know, I got caught up in a mortgage refi w/ a 3 yr. arm. Thinking that everything would be OK and I'd refi to a fixed rate w/ no problems, I signed my name on the dotted line. Years latter, here I still am with that same ARM, but in a,quandry. Because my interest rate is so high (11.25%) I'm paying through the roof each month,but managing to not show up late. My problem is this, I want to do another refi., but I have very, very little equity in my home. As a result, It's been hard for me to get a refi. I had an appraisal last year, and my home appraised at $143K. I had one done just a week ago and the appraisal came in $60K less than last year. This is the same house with no added anything that got appraised last year. How does a house come in $60K less in one year? My home is in Michigan, but still $60K less. That doesn't make sense. All I want to do is lower my interest rate. No one seems to be able to help me. Please help. I need some sound advise. I don't want to lose my home. I just want a monthly payment that I can live with.
