how to refi a underwater, non-fannie mae or freddie mac loan

Assuming you have checked this out thoroughly and do not have a Fannie or Freddie backed loan -or- an FHA loan, there's not a loan program at this time for you. However, I am very familiar with your area (right down the street in Bartlett). I would be happy to check out your home value to be certain whether you are underwater. barb.lanis@1amllc.com 1st Advantage Mortgage

Need more info... Freddie/Fannie are required for HARP refi's, however FHA, USDA, and VA all have refinance features built in where they don't require an appraisal, so you can refinance even if your $30K underwater.. if your loan is conventional but not owned by Freddie/Fannie, then it's held in a "Portfolio"... the only thing that might help is if HARP 3.0 ever comes to life.. President Obama talked about it in his state of the union.. He said... "Right now, there's a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today's rates. Democrats and Republicans have supported it before, so what are we waiting for? Take a vote, and send me that bill. Why would we be against that? Why would that be a partisan issue, helping folks refinance? Right now, overlapping regulations keep responsible young families from buying their first home. What's holding us back? Let's streamline the process, and help our economy grow." this bill has been referred to as HARP 3.0 or "Obama's refinance plan".. but in any case.. the bill's not signed so until it is, your kinda stuck...... 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

I used to live off of Schaumburd Road / Hello from Austin, Texas now. Well, can you go VA? Or FHA. but you will be subject to use the appraised value, then unfortunately, it is just a basic math exercise to see what the difference is. I can come up on the % rate, and refinance you for free with the rebate, but if you are still off $20-30k, then that requires creativity. I had a client last week that was $8000 off, and he sold his Harley to pay the mortgage down. I've had parents pay down the balance, so that we are where we need to be, and I had a guy before Xmas borrow against his 401k to make the refinance work. Being that it isnt a Fannie Mae loan, we cant try to get you a PIW (Property Inspection Waiver), as the loans need to be Fannie-to-Fannie, or Freddie-to-Freddie, to do that. Call me tomorrow and we can chat / 512-263-3132. Thanks...Jeff

How certain are you that you are in fact underwater by 30k? Call your current mortgage company first to see if they have any options for you before you go selling your motorcycle or cashing out your 401k. Flat out, if your loan is not fannie,freddie, FHA or USDA, there are very few options outside of paying down the balance to get the LTV low enough to refi.Back to my original question. Confirm that you are indeed underwater prior to eliminating your options.

Good Morning! At this point, there aren't many options as you already know. A short payoff could be considered where your current lender allows for a payoff of less than what's owed. In a perfect world, you could take on a new mortgage for the maximum loan and then the lender could agree to forgive the balance owed, but that's not very likely. They could agree to take their remaining balance and add it back to the property as a 2nd Mortgage, but then there are restrictions from maximum CLTV (Combined Loan To Value) to deal with from the new lender's guidelines. If you have any savings or family that wants to help you out, you could consider using those funds. If a new program comes out for those Non Fannie/Freddie Loans, I'd assume your situation would likely be financed! If you want to talk offline with any ideas you have, I'd be happy to share my opinion. Good Luck!

Assuming you are underwater and do not have a Fannie Mae, Freddie Mac, FHA, or VA loan - you realistically have no options at this time. Legislation was recently introduce for a new HARP 3 program, which would potentially allow you to refinance. It does not exist just yet, but keep your ears open for HARP 3. www.HARP3-Refinance.com

Harp 3 if it ever materializes

At this point you will either need to wait for HARP 3, althou there is no telling if it is coming or if it will address you situation, or pay down the balance. You make want to talk to you lender and see if there is anything they can do since they are already on the hook for your loan.

are you sure its not a Fannie or Freddie. I have had many people come to me saying that and after i run it several different ways including looking up old recorded mortgage and calling Fannie Freddie directly...the loan turns out to be HARP eligible after ALL..over 50% of the time

Your options are slim. If you are already in a FHA loan or a Veteran it is very possible to refinance. Or you can simply wait for HARP 3 if that program ever comes into existence. Home values are also on-set to appreciate another 6-10%. Another option is to consider a loan modification if you are really struggling. We are licensed by the attorney general to do them if you ever need any help.

As others have indicated, unless you have a VA, or FHA loan you do not really have any current options. I can refinance you underwater with a VA or FHA, if not you may have to pay for an appraisal to determine whether you truly are that far underwater. I can do a new FHA loan to 97.75% or a new VA loan (if you're a vet) to 100%. Make sure you speak with an experienced lender who can lay out several potential options, their likelihood of working out, and the pros and cons of each. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Good morning! If you have not yet refinanced, now would be a great has time to see if your home value has gotten to the point of even. Rates are at 16 month lows, and you may now be in a position to take advantage of them. Clyde Penton NMLS# 979755 404.604.7013

Federal Housing Administration (FHA) has recently announced programs that will permit lenders to provide additional refinancing options to homeowners who owe more than their home is worth because of large falls in home prices in their local markets. These adjustments will provide more opportunities for qualifying mortgage loans to be responsibly restructured and refinanced into FHA loans as long as theborrower is current on the mortgage and the lender reduces the amount owed on the original loan by at least 10percent. This option should be available by the fall.The new FHA loan must have a balance less than the current value of the home, and total mortgage debt for theborrower after the refinancing, including both first and any other mortgages, cannot be greater than 115 percent ofthe current value of the home - giving homeowners a path to regain equity in their homes and an affordablemonthly payment. This refinancing will help homeowners by setting monthly payments at affordable levels anddecreasing the mortgage burden for families owing significantly more than their homes are worth. Keeping moreresponsible families in their homes should support the continued recovery of the housing market.

You current mortgage company may have addition options for you. Other then that you can still refinance but you may have to bring cash to the table to off set the difference in equity. Jesse Stroup Mortgage Professional | Mortgage ManTwitter: @jessestroup

If your loan is FHA you may qualify for their refinance that doesn't require equity. I would also check with a lender other than the one that told you that your loan is not Fannie or Freddie. I'm doing a HARP transaction now that was turned away from 2 other lenders because they didn't know how to properly analyse the current loan.

I have ran into this before, who is the lender that you originally took the loan out with and what type of loan was it. We might have some portfolio loan programs, and some other programs that can help. There is also Hardest hit Fund that could help with the principal balance

1) contact present lender for any options 2) the present rates are close to your 7.25% rate so even if there were options - the new rate wouldnt likely be any lower