Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for petrina0571

Assistance for an FHA loan with negative equity

I have an FHA loan and I'm under water on my loan.   I've tried to get some assistance but I'ven't been able to find anyone.  Is there any programs for Negative Equity FHA loans
  • November 14 2013 - Chicago
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Profile picture for JustinLeffew
Unfortunately, if you bought your home after May 2009, an FHA streamline wouldn't necessarily benefit you too much because of the increased monthly mortgage insurance. What makes you think you are underwater? Many people who were underwater no longer are. Really the only way you'd be able to refinance and get rid of the mortgage insurance is to order an appraisal through a bank or lender and have the home appraise for more than you owe. 
  • November 15 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What year did you enter the current loan your in? Is your loan owned by fannie or freddie? If not sure feel free to contact me. There is a program for those in your situation but with stipulations.

  • November 15 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Matt Laricy
There are some programs out there, but you need to speak to a lender because each situation is different.
  • November 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What month and year did you complete your current mortgage transaction? Was it before or after June 2009? 
  • November 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for petrina0571

Anthony - I've looked into streamlining and it doesn't seem to be in my best interest to do  so.  1) the PMI insurance is going to more than double and my interest rate is 4.87%.  I'm looking to lower my mortgage payment  from 1300 /m (including taxes) to something lower.

  • November 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy.]
Thanks
  • November 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.