Hello, my name is Ely. Welcome to JustAnswer. Please note: (1) this is general information only, not legal advice; and (2) my function is to give you honest
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I am very sorry for your situation. On this website, I do not always get to give good news, and I am afraid that this is one of these times.This seems wholly unfair to me. What does the law say?
You are right - this is not fair. However, the bank has the right to do so. You see, refinancing is not a "right" but a privilege. Essentially, what refinancing does is that it has the bank throw out the contract
that governs the current mortgage and write up another one, at rates more favorable to you.
They do not have
to do this. They offer to because foreclosure
is costly and lengthy, and they much rather work it out peacefully and possibly simply change the terms of the contract (i.e. refinance).
However, they do not have
to do so - this is something that they must agree to do. As such, they hold all the "cards" in this scenario, and they can use their own administrative rules to determine what they see as your income and investment assets when determining whether or not to refinance.
There are no laws in Virginia or NY that mandate how a lender is supposed to view finances when there is a refinance discussion, since this is a private contract matter.
Ergo, they are free to determine this however they want - now, you do not have to agree with them and try to talk them out of it, but again, it is their choice whether or not to refinance, and as such, their decision on how to calculate whether or not this falls into their program.
I am very sorry.
Surely, you prefer that I tell the truth rather than what you wish
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