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Profile picture for andrea_tajgiszer

Any hope for a refinance when NOT backed by Freddie or Fannie when underwater??

Good afternoon!!!! Here is my situation, I really hope someone has a good idea so that I can refinance at these great rates. * My appraisal on my house came back lower than what I owe. Therefore, I am unable to refinance through my bank, Chase. Of course found that out after the non|refundable fee * My loans are NOT Freddie, Fannie, FHA, or VA * Credit is excellent * I have never missed a loan payment * I own my own business, but I have passed the three year mark. This has become so frustrating. I tried to refinance shortly after losing my job and starting my own business and I was turned down. I just tried again after waiting the three years of having my own business. The finances are now fine but my LTV is too high from a renovation I had done 1.5 years ago. I am over 6% right now. Any option?????????? Thank you!!!!!!
  • May 20 2013 - Aurora
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Answers (13)

Profile picture for user2901440
Still waiting on HARP 3.0. I think it's dead in the water. Any other suggestions?
  • February 09
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Profile picture for morganbett
We are in very similar situation. Did you ever find a good way to refinance and could share how?
  • February 01
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Profile picture for sonia krietz
There may be good news for some of you. Even if you didn't qualify for the Harp refinance.....I can pretty much bet that the value of your home has increased dramatically. This means....there's a good chance you can refinance using traditional financing. If I can assist anyone, please feel free to reach out to me skrietz@spamlending.com. Thank you
  • November 12 2014
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Profile picture for audia54sale
I understand that HARP will not look at any loans that are not backed by Fannie or Freddie :-( And the bankers in the refinance dept. are very curt my add if they will not make any money off you....fyi
  • October 10 2013
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  • August 13 2013
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If your loan is with Wells Fargo and has ben since Jan 2009, there is another program to help underwater homeowners.  it's called the "Attorney General Settlement.  Here is the link and best of luck.

Settlementhttps://www.wellsfargo.com/downloads/pdf/homeassist/attorneys_general_settlement.pdf
  • August 12 2013
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Profile picture for JeriHoy Ludwig
Am also in the same boat...I couldn't tell you who has the mortgage since it has been sold several times and payments are made through a Holding Co. My husband recently passed away and I'm awaiting final paperwork. It's a REAL struggle living on less income and trying to meet this house payments...
  • July 31 2013
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Profile picture for jacbro50
Andrea:  I feel your pain!  I am in the same situation.  There is nothing for us.  Time to lobby legislators~big time!  


  • June 23 2013
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Profile picture for user15947496

Well let me add to the pile. About 2 and a half years ago, I was able to choose the lesser of two evils with accepting a fixed rate of over 8% with Chase. They have owned and serviced my mortgage for about the last 6 years and I'm currently underwater. I have a good payment history (30 months on time), credit at about 700 and, fair income but it has been a struggle every month with deciding what I must sacrifice in order to stay current. Let's pray for HARP 3.0. Does anyone in the housing world have any insight that they could provide? It's interesting how many of these situations are with Chase.... This should be posted as a question

  • May 26 2013
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Hi,
If you're asking what are the "refinancing" options available to you currrently. The answer is none. However, there is a lot of talk about a new HARP 3.0. It's something the government has been kicking around. It's for ANY/ALL homeowners regardless if their current loan was underwritten according to FNMA or FHLMC guidelines. This will save you and so many more people. Best wishes you to you in the mean time. Regards, Kim Lawson, Ohio License Mortgage Loan Originatior. (Licensing and contact information is located in my profile.
  • May 23 2013
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Profile picture for user2428453
I would love to know this as well....we are with Chase, too. 6.99% after housing values bottomed out we went from positive to negative territory and can't take advantage either. We are considering walking away, buying another house and taking the credit hit. We could get a bigger, better house - don't really want to, but we could cut our expenses $350 month or even refi @15 yrs and save $$. It is really depressing and frustrating!
  • May 22 2013
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How far underwater are you? Also, could you elaborate on the renovation you mentioned?
  • May 21 2013
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  • May 20 2013
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