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House underwater, what are my options for refinancing?

by kandace123456 from Sacramento, California. May 17th 2013 Reply


Brian Kimball (briankimball_summitfunding)
#817 ranked lender in California - 13 contributions

Hi Kandaca,Lots of factors come into play. I am licensed to lend in California and am happy to answer your questions specifically if you'd like to call me. 714 619 5609We would need to know how far you are underwater, your credit and payment history on your home, when you got your mortgage, and who owns the loan.It is possible to refinance in some situations when you are underwater, but it will depend on a lot of variables.Give me a call if you'd like to talk.Brian Kimball714.619.5609

May 17th 2013
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David Sanders (David_Sanders)
#812 ranked lender in California - 59 contributions

Hi Kandace,Brian is correct there is a lot of other information needed. However, You may qualify for the HARP program. (Home Affordable Refinance Program) If your loan was originated before June 1st 2009 and is owned by Fannie Mae or Freddie Mac. Additionally you would need atleast a 620 credit score and some debt to income requirement exist... There is other programs depending on how "underwater" you are. We do HARP loans all the time. We actually have a website based on the HARP program alone to give you some information. It is www.harp2loans.info. Please give me a call and I can run you through and see if we can qualify you for anything. Rates for the HARP program are very comparative to traditional refi's. 760-616-1882. David Sanders with Crossroads Funding. www.crossroadsfunding.com

May 17th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

HARP 2.0 may be available to you.

May 17th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Harp or FHA and Va Streamlines

May 17th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Kandace -- what the other lenders have told you is basically correct. The one way that may not be able to refinance when underwater, is if you took out two loans to purchase the home (usually called and 80/20 - because you take out an 80% first and 20% second, thereby avoiding mortgage insurance; not available to many today) as usually the first did not become part of the qualifying pool (FHA, Freddie, Fannie, VA).

May 17th 2013
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Steven Marche (stevenmarche)
#816 ranked lender in California - 12 contributions

Hello Kandace123456 HARP 2.0 is available if you obtained your loan prior to May 2009 and Fannie Mae or Freddie Mac is servicing your loan. There are a few things we must know before we can give you the correct answer. oUNDERWATER? You owe more than your home is worth? New HARP 2.0 If you are not sure if you have a Fannie Mae or Freddie Mac owned loan then check out the sites below:https://ww3.freddiemac.com/corporate/ or http://www.fanniemae.com/loanlookup/. Let me know if your are on one of these lists.oWe now CLOSE HARP 2.0 Loans! - under water loansOnce you have found out that FNMA or FMHLC is servicing your loan, call so we can assist you. Steve at www.GreatAmericanFunding.com 805-374-6000 evening and weekends ok

May 17th 2013
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Edward Kim (precision)
#874 ranked lender in California - 3 contributions

It will depend on your situation.Possible options are:1. Loan Modification, i.e. rate reduction or term extension to lower payment, principal reduction, payment assistance, etc.2. Refinance - HARP3. Short SaleCall Edward Kim at 855-411-4112 x111. I may be able to assist you with proper sources.

May 17th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

the HARP program. (Home Affordable Refinance Program) If your loan was originated before June 1st 2009 and is owned by Fannie Mae or Freddie Mac. Additionally you would need atleast a 620

May 18th 2013
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Stacey Nielsen (Unitywestlending)
#913 ranked lender in California - 123 contributions

Just two reasons why I am confident we are the right Lender for you! We are unique in that we have multiple banks, investors, and lenders that we shop your particular scenario with to offer you the lowest rate and closing cost options, and no cost loans as well. We pick up the lowest rate and program possible and extend that to you whether we are the lender or we chose to use one of our wholesale lenders or investors, we place your loan where you benefit the most. Rates are incredibly low right now and we can lock and approve your loan within 24 hours. Secondly, Unity West Lending has a 5 year rate protection program which enables you to take advantage of a lower rate if they should come down after you close a loan with us, for no cost not even an appraisal. Many of our clients have already taken advantage of this great program up to 3-4 times within the last 4 years. Please, take these benefits into consideration for your own peace of mind. I have some extremely talented Veteran Loan Officers here to assist you whenever you have about 5 minutes to simply call in for today's rates or get started on your loan by filling out an application on our web-site. Also, you have the option of calling me and I would be happy to connect you with one of our Veteran Loan Officers available for you Monday through Friday from 8am - 6pm. Give us a try, we want you to succeed in achieving your financial goals and we would be honored to help you with that! 714-881-5970

May 20th 2013
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Start the HARP process at www.MortgageWholesale.comWholesale refinance rates for CA homeowners.

May 20th 2013
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