how to refinance a under water mortatage even if your loan wsn,t before May of 2009 and your loan is not held by fannie or freddie mac.

FHA, VA, USDA and Freddie/Fannie loans all have refinance features that allow you to refinance without the necessity of an appraisal.. if your loan is not one of these mortgage types, then your options are very limited.. You can wait till the property value increases to an acceptable Loan to Value level, you can pay down your mortgage to an acceptable LTV level, you could sell your home on a short sale.. and if you keep your credit clean, FHA will allow you to purchase a new home in 12 months If you can document a 20% reduction in income.. or you could short sell your home, find another place and do a reverse mortgage.. for this option you have to be 62 or older and have a minimum of 30% down.. your last option would be to wait and see if the government ever approves HARP 3.0.. it's another refinance program that is supposed to help people just like you, but because it's stalled in congress, we will never know for sure If it could help you until it's approved.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com