Profile picture for omorfiyinaika

Hello,I own a 2 bdr condo which is rented. I would like to lower my mortgage. It is upsidedown now

This condo has been greatly upgraded, but the market is now dropped substantially since I bought. It was refinanced in 2007, but my condo is now "upside down". I would like to refinance again, if that is wise to do.
  • March 25 2009 - Vacaville
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Answers (3)

Profile picture for MagicalHouse

Wow weird answers.

I have several rentals and even with the current lower rates by the time I either pay the fee for an investment loan, condo loan, etc. I really wouldn't save much so you need to look at what your current rate is now versus what you could get at a given cost to determine if it makes sense for you.

As for throwing out modification, that's ridiculous at best as a post.

  • March 25 2009
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Omorfiyaika,

What is your current mortgage scenario (How much you owe, rate, is it fixed, zillow value)? Is your loan currently garunteed by Fannie Mae? On April 4th Fannie Mae will officially release the guidelines for DU REFI PLUS. From what Fannie has already released, you might be eligible. https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0904.pdf
  • March 25 2009
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Thanks to the new mortgage stimulus program starting in April, you may qualify for the refinance up to 105% of the current market value.

If you exceed this guideline, then your next best option would be modifying your loan with your current lender.  You can try on your own, professional or attorney assistance if needed. 
  • March 25 2009
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