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Think I'm screwed, but hoping someone can point me in a direction I haven't considered...

I bought my house in 2005 and I am currently underwater. I have a Jumbo, conventional mortgage that is not backed by Freddie or Fannie. My original loan was a 5/1 ARM and I've adjusted to 6 7/8 interest rate. I've never been late on a payment and my income supports my payments. I'm not looking for any relief on the principal, but I am trying to find a way to refinance and get into a fixed rate mortgage at a lower APR. I don't qualify for a streamline refinance because I am not FHA insured or VA. I don't qualify for HARP 2.0 because my mortgage isn't Fannie or Freddie backed and I don't qualify for HAMP because I can make my payments. Can anyone point me in the direction of something I am missing that would allow me to refinance?I think I've considered and investigated everything, but I am hoping there is something out there that I am not aware of. by darinh_522_512 from Lake Forest, California. Apr 12th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Your only option is to either wait till values go back up to where you have the necessary equity to refinance, or pay down your mortgage to an acceptable Loan to Value.. Unfortunately, all the programs out there for folks who are underwater, are intended for borrowers in the conforming range.. They don't apply to folks with Jumbo loans.. Also, some folks here might suggest you contact your existing lender and ask them If they have a program for folks in your situation, but I would say it's a wasted phone call... I have yet to see a jumbo lender do a refi with a borrower in negative position.. 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

Apr 12th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

I'd be happy to discuss the documentation you submitted to your lender offline. If you are interested, send me a direct message and we can talk a bit more about what your situation is and the documentation (financial package) you submitted. Thank you!

Apr 12th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

HAMP is your only option. Why do you think you don't qualify for making payments? Is that what they told you and are you just assuming? Even though you can do a HAMP on your own find a loan officer to help you as we understand the lingo they speak but there is no need to pay for someone to help you but it may go a long way in them helping you. Don't use a company that purports themselves as being able to get it done and charge hundreds of dollars. Just find a friend or colleague. The next option would be when Harp 3.0 comes out but it is only in the talking stages right now.

Apr 12th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

William is correct in his responce. Nothing you will be able to do with out funds to buy down your loan amount.

Apr 12th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

Based on the information provided, there are no refinance options available for you at this time, except to pay down the loans enough to qualify for standard financing. www.JoeMetzxler.com/HARP.htm

Apr 12th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

HAMP is your only option at this point in my opinion.

Apr 12th 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 116 contributions

William nailed it. You can't go HARP with your have a Jumbo. :-(

Apr 12th 2013
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Darinh, My sister is in the same boat down in West Palm Beach Florida. At the same time her lender is offering 4.375% rates they won't lower her 6.875%. Not even to 5.5%.... I told her to put a very nice letter in the mail to them asking for a new 5.5% rate. I also told her to put a rusty old key in the envelope and tell them that was the altenative. I'm quite sure your lender doesn't want your "underwater" house. Perhaps they'll work with you....

Apr 17th 2013
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