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refi mortage

How can I refi underwater mortage that is not backed by freddie mac, fannie may or fha? by jke679_696_608 from Reading, Pennsylvania. Nov 29th 2012 Reply


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

Currently your only option is to try and get a modification from your current lender. If you CAN afford the current payments then it is doubtful they will help you even if you are not making the payments. As for HARP 3, I am doubtful that it will ever happen because our beloved Congress can't seem to do anything that helps out the middle class, and those of us that are underwater are going to continue to get the shaft. Be persistent with your current lender and maybe they will do something, but I would not hold my breath. Good Luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 29th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If HARP 3.0 ever develops, it might be a help for you... if you have VA benefits, you could pay down your mortgage to 100% Loan to Value, and you can take advantage of today's rates... Even FHA will do 97.75% LTV, however you will pay mortgage insurance... so the savings might not be as good... other than that, you're stuck... sorry!!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

Nov 29th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Honestly, you can't...the only possibility is to approach your current lender and see if they are willing to help you with a refi but the odds are not good they will.

Nov 30th 2012
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Sorry My friend. You cant. that I guarantee. Andrew Alfonso

Nov 29th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

You're best option then is to contact your lender and see if they will Modify your loan. If they will call them every other day to get updates and WRITE down who you talk to and what they said and ask you to do. If they tell you to skip payments I don't recommend it as it will kill your score. Also, Harp 3.0 is in the works and right now it is supposed to address people that are in your situation but until it comes out we won't actually know. Watch the articles on the front page of Lender411 as they keep up pretty good on what is happening in the lending industry. Good Luck

Nov 29th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

it will depend on what bank/ lender that you are with.. if you want , you can email me at yourloanpartnerforlife@live.com linda i will be able to tell by the servicer/ lender if you can do a loan mod ..

Nov 29th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,243 contributions

You can't currently and it doesnt' look likely in the future. The only way would be for you to bring enough cash to closing to make the loan no more than 97% of the current appraised value. Home prices are starting to increase in some areas, perhaps you'll see some improvement so that it will be possible next year. Others have mentioned modification as an option, but that is really a last resort.

Nov 30th 2012
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