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how do i refinance an underwater loan not owned by fannie mae or freddie mac

by surefire1988968 from Orange, California. Aug 12th 2013 Reply


Blake Kleckner (BlakeK)
#303 ranked lender in California - 221 contributions

It depends upon how far underwater your home is. What do you owe on it and how much do you think its fair market value is? Depending upon your answers to these questions, and if you can qualify for the loan, there may be a way to refinance. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 42 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Aug 12th 2013
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Ernesto Marez (Ernesto)
#72 ranked lender in Maryland - 131 contributions

As of today If you have a conventional loan not Fannie Mae nor Freddie Mac Gauranteed loan, your only option is to work it out with your current servicer. HOWEVER HARP 3.0 is the improved version of the HARP Program and an enhanced version of HARP 2.0 which will bring about a new set of enhancements and changes. Although not officially in place, the present administration has a lot of support from the President and members of Congress to make HARP 3.0 a reality. With HARP 2.0, many homeowners were helped, but it still left many without any help and still in vulnerable mode of losing their homes. HARP 3.0 vs HARP 2.0 oWith HARP 2.0, your mortgage had to be insured by either Fannie Mae, Freddie Mac or a participating lender. The revisions that HARP 3.0 offers is that every mortgage, even owned privately, including jumbo, sub-prime or other loan programs will have the same refinancing options guaranteed by the Federal government. oWith HARP 2.0, your mortgage had to be in place by June 1, 2009. With HARP 3.0, legislation is working to possibly eliminate that requirement, or at least push the date up. This will make it possible for just about any borrower to be able to refinance at the lower interest rates. oWhen HARP 2.0 was put in place, you could only apply and use it once. With HARP 3.0 though, you can apply and get refinanced even again, getting to take advantage of even lower rates than they were three years ago. oBefore you couldn't be late in the 6 months with HARP 2.0. Now you can be late once in 6 months with HARP 3.0 So while there are still some restrictions to be met, such as late payments and income requirements, this new set of guidelines put forth by HARP 3.0 will open up the possibility of refinancing at a lower rate to millions of more Americans. Hang in There &Stay tuned..change is coming.emarez@thefederalsavingsbank.com

Aug 12th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 5,001 contributions

Too much info missing.. if it's not owned by Freddie or Fannie, is it VA, FHA or USDA?? if so, all 3 have refinance options available without the necessity for an appraisal. If it's none of these types of loans, then you really only have 2 options.. one is to pay down your mortgage to an acceptable Loan to Value where you can refinance... two.. wait until your value has increased to where you have an acceptable LTV in order to refinance.. that's pretty much it.. others might suggest you do a loan modification (HAMP), however you have to be suffering a hardship to qualify, and even then, the savings will be minimal.. my suggestion is to not even consider a loan mod.. (Google "home modification nightmares" and see for your self).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 12th 2013
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Dave Metsker (DaveMetsker)
#1 ranked lender in Oregon - 2,064 contributions

Contact your present lender.

Aug 12th 2013
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Nikitas Kouimanis (nikitasgkouimanis@gmail.com)
#11 ranked lender in New Jersey - 60 contributions

It depends what type of loan you're in now. But if you are in a conventional loan you may have a shot to do an FHA short refinance if your current lender is participating in the program and you are underwater within the required amount. You can always give me a call or email me at 516 469 6262 or nikitas@nyfha.net. Thank you

Aug 13th 2013
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