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Answers (1)
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
Your post is missing some important pieces of information for anyone to give an answer:
1) What is the balance on your current mortgage (need that to know what the loan to value ratio is if the present value is $110k)
2) Is the underlying owner of the present loan Fannie Mae or Freddie Mac (at an 8.5% interest rate I'm guessing the answer is "No")
If you are underwater in terms of loan to value ratio and the owner of the Note is not Fannie or Freddie you are not eligible for a HARP refi and are probably stuck with what you have unless the present Note holder wants to negotiate a modification with you to a lower rate.
1) What is the balance on your current mortgage (need that to know what the loan to value ratio is if the present value is $110k)
2) Is the underlying owner of the present loan Fannie Mae or Freddie Mac (at an 8.5% interest rate I'm guessing the answer is "No")
If you are underwater in terms of loan to value ratio and the owner of the Note is not Fannie or Freddie you are not eligible for a HARP refi and are probably stuck with what you have unless the present Note holder wants to negotiate a modification with you to a lower rate.
How can I refinance a house to get a lower interest rate if the value is less than the balance?
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