Refi undwerwater home

HiIf your current mortgage is not a Fannie or a Freddie Mortgage then unfortunatly, the reflief programs offered would not apply to your situation.Here are a few options. One, you could refinace into an FHA and bring cash to close to bring the mortgage down to 96.5% Loan to Value or two, you can contact your current servicer and ask them what they can do for you.IF there is a hardship in your hope you can apply for a rate reduction however, this is only for homeowners in harship. THere is a pre-approval process for this.Thank youDenise Hodgesdenise@iowamortgagepro.com

You have only one new loan option. Refinance to a new FHA loan. You would need to bring in about $6700. A lender could cover all your closing costs in the interest rate.

It's not what we normally want to hear, but do you have any friends or family that would consider giving you a $25,000 loan? You could offer them 5 or 6%, which is a better ROI than they are probably receiving on their money right now. You could also consider borrowing that money from your 401k via a 401k loan. By doing so, you could refi at 80% LTV and drop your interest rate down into the low 4s. That is realistically your best option. Sincerely, Brandon Blue http://www.BlueHomeLoans.com

FHA rate and term refinance will go to 97.75% Loan to value. You can get your closing costs paid by your mortgage company, so the only money you would need to bring in would be about $5400. This would go to lower your principal balance. This would only apply to Owner Occupies Loans. WilliamAcres.com

Sorry to hear you are really stuck between a rock and a hard place. And, understand that you do not want a second mortgage. However, with your current interest rate you really should take WHATEVER option will get you refinanced to todays market rates. Second mortgage, borrow from credit cards, borrow from family...ANYTHING you need to do. The comments are correct, you will only need between 5K and 7.5K...you will save that much in less than two years. Best to you!