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Are they any "real" help for refinancing a underwater line home other than HARP....

 My property is depreciated more than 125% of what I owe on the mortgage and I have not been able to find a program that will "adjust" or refinance the total amount I owe. 
  • April 20 2012 - Little Havana
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Answers (5)

Best Answer

Fannie and Freddie are thinking about offering loan modifications with principal reductions on a large scale. The FHA will make a decision this month. Click the link below to read the article.

http://finance.yahoo.com/news/more-mortgages-eligible-principal-reduction-123700375.html

  • April 20 2012
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Good Afternoon,

There are several banks/lenders that are now able to provide refinancing on homes that have a higher loan to value issue, you will of course have to be able to qualify for the mortgage as you would under normal circumstances.

While a mortgage modification may be an option, it is basically going to be reported for credit purposes as a loan that is delinquent and can affect your credit, it will all depend on how your lender reports it.

I did get an email from a lender that I work with last week regarind the abiltiy to provide refinances for upside down borrowers. Feel free to send me an email and I will forward the contact information to you. Good luck on your refinance.

Lila Lopez
RE/MAX Advance Realty
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  • April 21 2012
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Dont over look trying or attempting to try a Loan Modification with your present lender. 
  • April 20 2012
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under Harp 2.0, there is no limit on LTV. i have several lenders that will do unlimited LTV Harp refinances. i am closing one next week with an ltv of 140%.
  • April 20 2012
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For a brief instant there was a program called a Short Refi through FHA, but it went away. That involved a principal reduction. I'm not aware of any programs like that now, but I'd love to hear if any exist!
  • April 20 2012
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