I look at our situation and I came to the realization that if we couldnt refinance (good income, lots of equity and house is located in a very good area that the lowest price house is over $1.8MM and very low available inventory, area where lots of CEOs and yes, bankers and VC's themselves all live....aka a 1% neighborhood with only one property that foreclosed in last 10 yrs and only 2 short sales) then no one can qualify in this country except the ueber rich! The ultimate insult to injury was when they said we needed more income....but only about $12k more a yr....and yet ironically, if they had refinanced, we would have reduced our mortgage payments by as much as $24k a year.... (Yes, Im embaressed to admit that we have a mortgage exceeding $8k monthly....
Even more infuriating: the bank itself is the one who 7 years ago when we had a devastating flood necessatating a 2nd mortgage in order to rebuild our house....the bank was ohhhh so happy to give us that 2nd mortgage at 7.5%!!! Now we have a better built house (less risk for them and improved value) yet even as our income is higher, their "new criteria" wont allow us to refinance the 1st and 2nd mortgage into a monthly mortgage reduced by 25% in terms of payment! From an $8K a month payment to a $6k a month mortgage payment. They would have made money on points and extended the years of payments and interest made. They would have made us happy customers with $24k more a year in our pockets ($36k income annually -money that could go into our savings, the economy). They even would have helped ensure that the likelihood of there ever being a default on our part would be lessened. It could have been a win-win for all...yet no, Chase considered it "too risky"....
But their other gambles????? Wow.....we as a Nation and the recovery of our economy is really effed until our priorities and the regulations of these banks and the rights of consumers and homeowners are changed....
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