Refinancing Our Neg-AM loan

Your only answer is to negociate with your current lender. I'm not a mortgage modication specialist, but I have heard that if you keep contacting your lender enough you will get it. You might try a "Hardship" request. The fact is that if you are on a negAM, you are in an unwinable situation and it's in the lenders best interest to work with you. I WOULD NOT let your payments be late while you are working it out. CALL THE LENDER, EXPLAIN THE SITUATION.. AND THEY WILL PROBABLY WORK WITH YOU EVENTUALLY. I'm sorry you're in a such a tough situation, and I wish you the best of luck.

I agree. You must do a loan modification, if you really love the home. You could look at a Short Sale, too. I know it is cumbersome to negotiate with your Lender, but it must be done. I know of a Realtor who will do the Mod, since you cannot charge money upfront, for free and when the Mod is complete you pay what is fair. Usually one mortgage payment. Know your options. You may have to fall behind just so the lender will work with you. You could show a hardship, loss in wages, loss of job, loss of hours, etc. Hope this helps and Good luck! RC

Your not stuck - do a Freddie Mac or Fannie Mae refi plus product and get that interest rate at least on your first down. You should be able to get your first down to at least 5%. This should take a nice chunk out of your payment. If your in Colorado give me a call and we will get you a more affordable payment for you and your family. My name is Daniel Lotter with Tri Star Funding, Office number is: 719-358-6214 - Tri Star Funding is transitioning into a wholesale lender so if you are out of Colorado we will be able to help you later part of next month. Thanks, CEO/Daniel Lotter/Tri Star Funding

What you could do is look up your loan on Fannie Mae and Freddie Mac website by doing a google search. Ask: "is my home owned by Fannie Mae" in google. Go to both sites and check. You may be able to do what is called the DU refi Plus program allowing up to 125% LTV. If it is, great! Since you have a first and a second, what is the loan amount of each? That would be a start...let me know. Hope this helps. RC

First I agree with Mr. Miller...do not purposely fall behind on your payments. You also as pointed just need to be very persistent with your current lender to work with you. It is in their best interest as well to do so. Now as for you Neg am..there are only two loan programs that allow refinancing when there is little to no equity. Loans must be owned by Fannie or Freddie...I have not seen a Neg am fall into that category. You can look up you loan here: http://www.makinghomeaffordable.gov/get-assistance/loan-look-up. Also both programs DO NOT ALLOW COMBINING A FIRST AND A SECOND. Honestly your best bet will be working with your current lender...Good luck and feel free to contact me with any questions.