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how to refi a underwater, non-fannie mae or freddie mac loan

hi am wondering if it is possible to refi a loan that is underwater by about $30,000. and is not a freddie mae or fannie mac. I have never been late on my payments. My current rate is 7.25. What options do it have. by gshadd_461_294 from Hanover Park, Illinois. Feb 19th 2013 Reply


are you sure its not a Fannie or Freddie. I have had many people come to me saying that and after i run it several different ways including looking up old recorded mortgage and calling Fannie Freddie directly...the loan turns out to be HARP eligible after ALL..over 50% of the time

Feb 20th 2013
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At this point you will either need to wait for HARP 3, althou there is no telling if it is coming or if it will address you situation, or pay down the balance. You make want to talk to you lender and see if there is anything they can do since they are already on the hook for your loan.

Feb 20th 2013
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10 days ago
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Need more info... Freddie/Fannie are required for HARP refi's, however FHA, USDA, and VA all have refinance features built in where they don't require an appraisal, so you can refinance even if your $30K underwater.. if your loan is conventional but not owned by Freddie/Fannie, then it's held in a "Portfolio"... the only thing that might help is if HARP 3.0 ever comes to life.. President Obama talked about it in his state of the union.. He said... "Right now, there's a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today's rates. Democrats and Republicans have supported it before, so what are we waiting for? Take a vote, and send me that bill. Why would we be against that? Why would that be a partisan issue, helping folks refinance? Right now, overlapping regulations keep responsible young families from buying their first home. What's holding us back? Let's streamline the process, and help our economy grow." this bill has been referred to as HARP 3.0 or "Obama's refinance plan".. but in any case.. the bill's not signed so until it is, your kinda stuck...... 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

Feb 20th 2013
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I used to live off of Schaumburd Road / Hello from Austin, Texas now. Well, can you go VA? Or FHA. but you will be subject to use the appraised value, then unfortunately, it is just a basic math exercise to see what the difference is. I can come up on the % rate, and refinance you for free with the rebate, but if you are still off $20-30k, then that requires creativity. I had a client last week that was $8000 off, and he sold his Harley to pay the mortgage down. I've had parents pay down the balance, so that we are where we need to be, and I had a guy before Xmas borrow against his 401k to make the refinance work. Being that it isnt a Fannie Mae loan, we cant try to get you a PIW (Property Inspection Waiver), as the loans need to be Fannie-to-Fannie, or Freddie-to-Freddie, to do that. Call me tomorrow and we can chat / 512-263-3132. Thanks...Jeff

Feb 19th 2013
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How certain are you that you are in fact underwater by 30k? Call your current mortgage company first to see if they have any options for you before you go selling your motorcycle or cashing out your 401k. Flat out, if your loan is not fannie,freddie, FHA or USDA, there are very few options outside of paying down the balance to get the LTV low enough to refi.Back to my original question. Confirm that you are indeed underwater prior to eliminating your options.

Feb 19th 2013
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Good Morning! At this point, there aren't many options as you already know. A short payoff could be considered where your current lender allows for a payoff of less than what's owed. In a perfect world, you could take on a new mortgage for the maximum loan and then the lender could agree to forgive the balance owed, but that's not very likely. They could agree to take their remaining balance and add it back to the property as a 2nd Mortgage, but then there are restrictions from maximum CLTV (Combined Loan To Value) to deal with from the new lender's guidelines. If you have any savings or family that wants to help you out, you could consider using those funds. If a new program comes out for those Non Fannie/Freddie Loans, I'd assume your situation would likely be financed! If you want to talk offline with any ideas you have, I'd be happy to share my opinion. Good Luck!

Feb 20th 2013
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Assuming you are underwater and do not have a Fannie Mae, Freddie Mac, FHA, or VA loan - you realistically have no options at this time. Legislation was recently introduce for a new HARP 3 program, which would potentially allow you to refinance. It does not exist just yet, but keep your ears open for HARP 3. www.HARP3-Refinance.com

Feb 20th 2013
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Harp 3 if it ever materializes

Feb 20th 2013
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There is a possible long shot you can try while waiting for HARP 3 to materialize. If your loan is a portfolio loan with one of the following lenders, you may be able to leverage a legal settlement that was related to "robo signing" and other foreclosure fraud tactics that these lenders were accused of doing. That settlement requires the following lenders to either refinance or provide loan modifications to borrowers. The first five, Bank of America, CitiMortgage, GMAC/Ally Financial, JP Morgan Chase, and Wells Fargo, also have a state component of the settlement, and Illinois is included. Here is some info on that: http://nationalmortgagesettlement.com/about There are other banks who are part of the same foreclosure fraud litigation who settled earlier this year: PNC Bank, HSBC, Sun Trust, US Bancorp. If you can determine whether your loan is a portfolio loan with one of these nine banks, you may be able to participate in the legal settlement that requires these banks to either modify or refinance your loan. You first need to learn the name of the "investor" for your mortgage. You can do that by calling your lender and asking them the name of your investor. If that investor is one of these banks named above, maybe you can press them to include you in the settlement. Good luck to you.

Feb 20th 2013
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Your options are slim. If you are already in a FHA loan or a Veteran it is very possible to refinance. Or you can simply wait for HARP 3 if that program ever comes into existence. Home values are also on-set to appreciate another 6-10%. Another option is to consider a loan modification if you are really struggling. We are licensed by the attorney general to do them if you ever need any help.

Feb 20th 2013
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As others have indicated, unless you have a VA, or FHA loan you do not really have any current options. I can refinance you underwater with a VA or FHA, if not you may have to pay for an appraisal to determine whether you truly are that far underwater. I can do a new FHA loan to 97.75% or a new VA loan (if you're a vet) to 100%. Make sure you speak with an experienced lender who can lay out several potential options, their likelihood of working out, and the pros and cons of each. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

15 days ago
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