Our LTV is above 125%, is there anything we can do, we have a FM loan
We have a first mortgage amount of 208k with 5.5% fixed with Chase, a second mortgage amount of 75k with 7.5% with Wells Fargo. Our estimated value is only 169k. We are halfway through a chapter 13 bankruptcy and we've never been late on any of our bills. We are both gainfully employed for years. Our mortgages are with FM but I understand with LTV's we can't qualify. Is there any option for us? by laryn8_914_722 from Indianapolis, Indiana. Nov 11th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Yes and No... the newly revamped HARP refinance program will allow refinancing with no appraisal... The details for this program will be released the 15th of this month. But if there's a 2nd involved, then they would have to subordinate, which is a dice roll... Also, if your in CH13, Your credit score was probably hit pretty hard, and might not qualify because of that... the good news is this new HARP program will continue to December 2013, so if you don't qualify now, you might be able to qualify before the program expires... WilliamAcres.com
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