Does the Obama Refinance Stimulus Package only apply to upsidedown mortgages?

I recently applied for the Obama Refinance Stimulus Package through the Citibank Hardship Assistance Program for my mortgage. Since I'm medically disabled, my total income is only $919.00 per month, and I owe $60,000 on a condo property valued at $120,000 at a 6.75% interest rate on a 30yr fixed rate loan. I have never ever missed a payment and have a reasonable credit score. However, since I'm not upside down on my mortgage plan, Citibank tells me that I don't qualify for the Obama Refinance Stimulus Package. Are there additional Obama programs which may still apply to me? Other people with double my income and double home values who default on their payments are getting lower interest rates than me through the Obama Refinance Stimulus Package. Yet, I'm told by Citibank that I don't qualify for the Obama Refinance Stimulus Package because I'm not upside down on my loan payments, even though I've never ever been late or missed a payment. Is there no help for me?

6 months ago - 1 answers