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What options do I have for refinancing an underwater mortgage that is not owned by Fannie Mae or Freddie Mac?

by TGreiner from Covington, Louisiana. May 1st 2013 Reply


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

If your loan is FHA, VA or USDA, then there are programs out there to refinance even if your underwater.. short of that, you would have to wait to see if HARP 3.0 every develops (don't hold your breath).. 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

May 1st 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Contact your present lender; otherwise your choices are very limited. We all hope that HARP 3, if and when it becomes available, will bring a solution for you and many others in the same situation.

May 1st 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

The only option is HARP 3.0 coming out unless your mortgage is owned by FHA, VA or USDA. E-mail me your name, number and e-mail as we have a HARP 3.0 update list we will be issuing out updates and letting you know as soon as we can help you. P: 888-320-7888 - ken@mortgagesforamerica.org - Ken Burrows

May 1st 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Not many. Contact your current lender and see if there is anything they may be able to do

May 1st 2013
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Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

Others have answered your question well. If not FHA/VA/USDA then HARP 3 if and when it comes.

May 1st 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

William and others really pretty much laid out your options, other than that contact your current lender.

May 1st 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

Yep, no options unless new product comes thru.

May 1st 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

No real options at this time , sorry to say

May 1st 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 314 contributions

Ask you current lender to Modify your loan

May 2nd 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,834 contributions

If your loan is FHA, VA, or USDA, you also have some options... If you are one of the few that is not one of those, you have no underwater loan options today. HARP 3, which is currently being discussed, would be designed to help you. Remember, it doesn't exist today... so keep your ears open for something in the near future. www.HARP3-refinance.com

May 2nd 2013
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

I've helped clients understand some out of the box options on their loans. One possible solution if you have access to funds that you could use to bring down your mortgage balance to a level of 95% loan to value or better and you have good credit, you may be able to move some of the existing loan balance to an equity line or unsecured line of credit. Sometimes the overall payment savings can make sense with two loans instead of one, even if the unsecured loan portion has a higher rate. Unfortunately, there are no other programs than HARP or a modification of your existing loan that are common out there. This company does some additional out of the box things however by helping you negotiate your existing loan. "Short refi's" and direct settlements are being negotiated for their clients. http://settlementprep.com/

May 2nd 2013
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