Forgotten Your Password?

Need to Register?

Question Icon

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

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


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
1
0

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
1
0

Contact your present lender.

Aug 12th 2013
0
0

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
0
0

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.