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Advice anyone? Refi possible when underwater?

Profile picture for RoxaneS
Currently have a 30-yr fixed (refinanced in '08 for 5.75%) Owe 216,000 but house has gone WAY down, to 165,000.  Good income. Credit score about 720. Documentation ready and very complete.  Do you think someone will give me a loan?  Last company that refi'd us told me yesterday that maybe in a couple of months because of the low value (no equity) and a late mortgage payment. (I was late because I was told that to get a modification, you must be late.(-dumb move on my part.)
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January 13 - Rocklin
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Profile picture for Courtesy Mortgage
Your best chance is if your current loan is Fannie Mae or Freddie Mac owned.   If it is you can refinance with unlimited Loan To Value at any new lender starting in March of this year.    Guidelines require the last 6 payments were made timely and a maximum of 1 30 day late in the 6 months prior to that.   

Depending on how long ago you tried for modification and how your mortgage history reports, you might need to wait a bit longer, the key thing is to determine if you have the Fannie or Freddie loan.  
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January 13
Profile picture for CapstoneBroker

Here are links to see if your mortgage is owned by Fannie Mae or Freddie Mac:

Fannie Mae: http://www.fanniemae.com/loanlookup/

Freddie Mac: https://ww3.freddiemac.com/corporate

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January 13
 

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