Lenders who will refianace an underwater mortage LTV of more than 100%?
We are $57,000 underwater the current lender refuses to partipacate in ANY programs for underwater homes. They have us in a 5yr ballon @ 7.5% and they will NOT even consider budging on the rate. Because we are so underwater we qualifiy for several programs, is there any way to get out of our bank(they hold the loan) and into a new one somewhere else ? In 09 I lost my job and we had a reduction of income, I am back to work making less than half what I was, making it hard for a short time, we are current on the payments. Because we are so far underwater we will need a higher LTV ratio. We in the state of Michigan by gkbran_365_155 from Lansing, Michigan. Apr 22nd 2012
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
If your loan is owned by Fannie Mae or Freddie Mac, you can select ANY lender for HARP. You do NOT have to work with your existing lender. On the other hand, if it is not owned by them, there isn't much you can do to refinance when you are underwater. Check Fannie Mae at http://www.FannieMae.com/loanlookup. Check Freddie Mac at https://ww3.freddiemac.com/corporate
Mary Fox (hmfcontact)
#10 ranked lender in Pennsylvania - 6 contributions
Enter your answer hereThere is new program from a non profit that willPut you in a new mortgage @90% of current market value at marketRates. Credit is not an issue but you have to prove you can afford thePayments. Contact me. Maryfox@hmfassociates.com
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Seek out a local mortgage broker from our panel and they can shop it around for you...good luck
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
HOW MUCH is your payoff on your home?? i do harps, with private money, so the rules are different,and I give the same rates.. also, i need to know who is your bank or servicer.. there is one bank out there that will not do harps. and they are big ..
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Good News / Bad News... the bad news is that more than likely your loan is not a Freddie / Fannie owned mortgage, so it's not going to qualify for HARP 2.0.. Under the HARP 2.0, lenders will refinance you into a new 30 year fixed rate mortgage and the LTV restriction has been removed.. so if your loan IS owned by Freddie / Fannie, then there's a loan product out there for you.. but the fact that you have a balloon payment tells me that you probably have a non-conforming loan, and it's not going to qualify... The good news is that President Obama has discussed a new refinance program for "All Other" borrowers who have not been able to qualify to refinance into lower rate mortgages because of program restrictions.. (that would be you...). This refinance product is going to be issued through FHA, but again he has only discussed it briefly... I expect to see something more concrete in the next few months as I'm sure he will want to have this out and initiated before he starts campaigning... so Stay Tuned... Looks Like Help is On the Way!!! The best advice I can give you right now is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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
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