Why can't I just refinance?

The financial market place has changed dramatically over the last 12 months. It is much harder to qualify for a new loan now than it was last year because of the banks' tightening of guidelines and not accepting "risk". Loans are made based on credit, debt, income, and loan to value (amount owed compared to the appraised value of the property). If any of those factors are not perfect it has become nearly impossible to attain a loan.