Alostar Bank's Refusal to Resubordinate our HELOC
We have been approved HARP 2.0 loan refinance and are being held hostage by Alostar bank's refusal to subordinate our 2nd mortgage. We can more than afford the home and have A+ credit, no bankruptcies,judgments,etc- trying to everything we can to improve our position. We have been approved to refi to to a 20 year to pay the first note off quicker- shaving 1.5% off our rate and reducing the term of our loan by 5 years at the same payment! The only thing holding us up is the absolute REFUSAL of Alostar to re-subordinate. I do not understand Alostar's stance as we are IMPROVING the position of this underwater home and Alostar would STILL be second lien-holder.
AloStar Bank will not subordinate
My husband and I had a home equity loan through Nexity Bank. Nexity Bank was taken over by AloStar Bank while we were in the process of refinancing our home through the HARP program. We were approved by the new lender, but AloStar Bank refused to subordinate to the new lender even though we paid every payment on time and there was no new cash taken out. We just wanted a fixed rate mortgage for peace of mind. Now we are stuck because it's not "their policy" to subordinate. We are out the appraisal fee and all the savings we could have had if they allowed us to refinance. Do not do business with AloStar Bank.
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