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Options to refinance an underwater rental property?

I am trying to be proactive about my mortgage and finances, but was told by several different lenders a refinance was not possible and there was nothing they could do for me because I owed more on my loan than the property was worth. I've never missed a payment, but am seriously considering doing so just so I can get some help...I just got turned down under HARP2 because the LTV exceeds 105%. Any suggestions or advice would be much appreciated.Here is some additional info:The property is a 4-plex in Forth Worth, TXThe mortgage company is Wells Fargo.This is a Freddie Mac loan.I have a credit score of ca. 770 (Experian).Have no revolving debt. I do have a car loan (15k) and a primary residence (has equity) by kari.n_797_423 from Honolulu, Hawaii. Jul 5th 2012 Reply


Kiyoshi Inui (Kiyoshi)
#536 ranked lender in California - 109 contributions

Feel free to contact me anytime to briefly go over your options. Kiyoshi Toll free: 866-972-3163

Jul 5th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Under the HARP 2.0 it will allow you to refinance your property even if you owe more than it's worth.. My guess is that you went back to wells Fargo, and they shot you down.. so you tired another bank.. Your best bet is a mortgage broker.. They have access to many lenders and can find the right loan product for your particular scenario.. I know for certain that there are many lenders who will do unlimited Freddie loans.. I deal with 5 of them here in AZ... 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

Jul 5th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

The Harp 2.0 is supposed to allow for unlimited LTV, however, each lender makes decisions on how high to go. I would suggest trying a local lender, not a BIG BANK. The local lender will be able to help you.

Jul 6th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Sounds to me like you went directly to Wells. I'm closing escrow next week on a 4-plex rental with a LTV of 169% and a CLTV of 218%. I don't lend in Texas, but there are other investors out there that can do what I do. Contact a local Mortgage Banker/Broker (local to the property) and work with them. The question you want to ask BEFORE you allow them to pull your credit is: "I have a Freddie Mac 4-Plex at X% LTV. Do you have investors that go that high?" You will find one. Ignore the big banks, they will all answer "NO!" ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 6th 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

I would look at contacting our San Antonio branch @ 210.451.7333. Our company does not have an LTV cap on HARP 2.0 loans, depending on your LP findings the issue may be the total outstanding loan vs. Loan limit on the other accounts as well. Freddie Mac's version of the HARP 2.0 is taking some factors that you would not expect into the considerations on loans that have a high LTV.

Jul 5th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

I have a lender that can do that

Jul 5th 2012
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Craig Warner (CraigWarner)
#405 ranked lender in California - 6 contributions

I can help you . We are a direct lender and also have unlimited LTV's, but it's all about the LP approval. We operate nationwide.Craig Warner877-900-4762 Ext 412

Jul 5th 2012
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Thank you all for your replies. Yes, I did initially go to Wells Fargo and other larger lenders. If anyone can do as Bert suggests or can refer me, please contact me. I live outside the continental US so finding local lenders has been a challenge.

Jul 6th 2012
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