Name these new regulations and specifically explain how they are stopping you from refinancing.
I explained them. You just didn't read them.
Banks are buying partial mortgages. For example I have 3 properties on one loan. Bank of America bought 2 of the properties and took over servicing the loans. Another bank holds the other property. They offered a mortgage loan program to reduce the interests on those loans, but the only way I can get it done is if I pay several thousand to have the properties surveyed as separate. Plus I have to have 6 months worth of payments in cash on hand.
To take advantage of the program the banks have us in a bind. In a nut-shell.....in order to make money you have to have money.
Name the regulations and provide a link to them and where/when they originated.
So you had a non conforming loan tying three properties to one note and mortgage.
But you say BoA took over servicing of the "loans" plural.
Which is it? You got one loan being serviced or three? And why would you have been stupid enough to tie three properties together into one note and mortgage. That was stupid from the start. You should have known that would be a problem down the road. What did you do, believe the non conforming loan officer when he took your money? Like so many others did.
And 6 months of cash reserves has been the lending standard for investors for many years
Evidentally, you either don't know wtf you are talking about or doing. And you sure as hell are not a good credit risk. Can't show 6 months reserves. You are denied.
What you got a credit score of 590 or something.
But blaming your poor financial sense on Obama is total bull shit.
btw, for people that invest in RE, the loan mod programs were never intended for us. They were always intended to help those who lived in their homes. why don't you know that?