Underwater on a non-FM loan

I would need a little more information as to your personal assets. If you are able to bring money to closing than refinancing should not be a problem. I don't think that would be in your best interest though. I would not want to take money from savings or stock accounts and reinvest them into an asset that is underwater and not making you money. I would be glad to discuss further if you would like. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and Strategic Partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall or call anytime 513-403-6260

Hank, If your loan is not owned by Fannie Mae or Freddie Mac your options are pretty limited, either try working out a deal with your exisitng invesor to lower your interest rate or refinance and pay your principal balance down to meet the current mortgage market guidelines.

Contact the existing lender and ask to renegotiate the rate. If you have an excellent credit history, they may do it. Mike

Hank- Since your current mortgage is now owned by Fannie or Freddie your best bet would be to call the company that you currently make your monthly payments to and see if they would be willing to refinance or renegotiate the terms of your current loan.www.nicnethertonloans.com

Well Hank.. unfortunately you fall outside of the past and future HARP programs. The fact that you are able to make your payments pretty much disqualifies you from any assistance at all. You can go to your current lender and see if they will do something to lower your rate, however don't get your hopes up... your paying just fine at 6.125%.. no incentive for them to drop your rate... You might want to think about refinancing at a 15 or 20 year mortgage.. you will have to bring cash to the table, however your new payment would most likely be about what your paying now, but shaving years off your loan. You will also build equity much faster... Although on the surface, it's rarely beneficial to pay down your mortgage, if you have a lot of reserves, then it might be worth the peace of mind... WilliamAcres.com