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Underwater Refinance, Want Lower Rates and Payments

I purchased my home in 2006 for $254,500 at a 7.5% rate with credit in the mid-600's. House appraised for $230,00 about three months ago. I have no money to make up the difference, but is there a way to refinance this to a lower rate and payment? by joness_201_542 from Santa Clara, California. Nov 7th 2011 Reply


Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

Hello, If your loan is owned by Fannie Mae or Freddie Mac, then you would probably be able to use the 125% DU Refi Plus, or LP Open Access programs. Check to see who owns your loan, then you would be able to search for lenders who can help you lower your payments, rate etc...

Nov 7th 2011
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Austin Soutas (ocforeclosurehelp)
#446 ranked lender in California - 10 contributions

I have a few different options available that I can go over with you on how you can refinance or qualify for a loan restructure program. Feel free to give me a call directly.Austin Soutas949-229-1652

Nov 7th 2011
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Matthew Rundle (MatthewRundle)
#538 ranked lender in California - 8 contributions

Absolutely. As noted below, you can have options for a refinance. First off, we need to determine who owns your loan. Does Fannie Mae own it? Does Freddie Mac own it? Is it an FHA loan? Is it a VA loan? Your scores are fine for a refinance and lowering your 7.50% rate will have a significant impact on your payment. Your prospective refinance is a make-sense move on your part. If you want further information on your options, feel free to call me direct at (909) 630-2029 or e-mail me at matt.rundle@westinmortgage.com. I look forward to hearing from you. Matthew Rundle.

Nov 7th 2011
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Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions

If either Fannie Mae and Freddie Mac own your loan, there should be no problem refinancing it as long as you can qualify for it from FICO, income, debt, work history, and a few other financial standpoints. I would be happy to verify this for you. We have 40 lenders to choose from, including many major banks, and I'm quite confident that I can get you the lowest interest rate and cost loan in the country. I specialize in no cost loans, and believe yours could be done this way. Take a look at our web site at divitahome.com. I believe if you do you will feel very comfortabel working with me. My name is Blake. Call me at 626-796-7712 or 626-644-2020. I'm available 16/7.

Nov 7th 2011
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Joshua Coombs (joshua)
#51 ranked lender in Washington - 6 contributions

As mentioned elsewhere here, there are a number of options. FHA and VA loans have streamlined options, where appraisals aren't required. Also, the new HARP program might be able to help you if your home loan is ownded by Fannie or Freddie.You can find out whether Fannie or Freddie own your mortgage by going here-http://www.fanniemae.com/loanlookup/https://ww3.freddiemac.com/corporate/I hope that helps.

Nov 8th 2011
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Crestico Funding (CresticoFunding)
#317 ranked lender in California - 340 contributions

Yes, depending on who ownes your property we may be able to help. Please call or email me so i could give you more information on how to approach your situation.

Nov 9th 2011
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