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How can we refinance when we owe more than value of home?

My husband purchased our home in 2007 and the current value is less than we owe on the mortgage.  How can we refinance?
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January 07 - Claremore
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Answers (15)

All of these answers are great. Most of all make sure whom ever you talk to is a licensed Loan Originator. That means stay away from the big backs and find a "Mortgage Banker" they must be licensed by the NMLS to be able to do loans. The big banks do not need a license and the guy you talk to today could have just started today. To find out if the loan originator you are talking to has a license just got to this website http://www.nmlsconsumeraccess.org/  and enter their information.

I hope this helps

Mike
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January 10
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"Keep in mind if your house wasn't closed before May 31st of 2009 HARP 3.0 may be coming out soon"

Please don't promise people HARP 3.0. It is not coming soon, people need to look at  real options that they have now not wait on a unicorn.

There is no pending HARP 3.0 legislation. The Responsible Homeowner Refinancing Act of 2013, bills H.R. 736 and S. 249, continue to sit stalled in chamber committees.

HR 736 has not moved since Valentines Day  and S 249 has been sitting dead in a committee since February 7, 2013. Seven months with no change equals a dead political issue.
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January 10

This is simple. Is your loan owned by Fannie Mae or Freddie Mac? Was your loan closed before May 31st of 2009? If it is and was your in luck. The HARP program was designed for you. Sometimes it can be done with no appraisal. Keep in mind if your house wasn't closed before May 31st of 2009 HARP 3.0 may be coming out soon, which extends the guidlines to 2010 or even 2011 so keep that in mind as well!


Good luck.

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January 10
This is pretty confusing so I'll try to make it as simple as possible. Most conventional loans are sold to Fannie Mae or Freddie Mac to securitize. You would have no idea that this was even done because you won't make your payments directly to them. You make your payments to your servicer. 

Anyways, because many Americans were underwater after the housing crash, the government came up with a program called HARP, originally made specifically so underwater homeowner's could refinance into a lower rate. 

To see if you are eligible, go to these websites and punch in your information. Make sure to be exact when you fill it out.
Fannie - https://knowyouroptions.com/loanlookup
Freddie - https://ww3.freddiemac.com/corporate/

Your best bet is to talk to a licensed Loan Officer for more specifics because if your loan wasn't bought by Fannie/Freddie/Ginnie(FHA,VA,USDA) you most likely will not be able to refinance. You would instead be looking at a loan modification. FHA/VA have streamline programs for underwater homeowners as well.
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January 09
If you have a Fannie Mae or Freddie Mac loan, HARP ( Home affordable Refinance Program) offers unlimited Loan To Value, less than perfect credit is OK, no worries if home has been listed for sale and more. 
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January 09
There are several options, but it depends on what kind of loan you currently have. I'd be happy to review the options with you.
I'm here to help,
Paul
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January 09
A HARP loan with suffice. 

What type of loan do you current have?

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January 08
HARP is unlimited loan to value.  110 is just your overlay.  Again do to know if you current loan is Fannie, Freddie or FHA? What state are you located in?
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January 08
Harp loan goes up to 110% of the value, FHA or VA refi's doesnt require an appraisal. Give me a shout.
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January 08
The government has put programs in place to help inidividuals in this same predicament.  There are some underlying factors involved in each scenario but I would love the opportunity to speak with you to see if you qualify for the program.  You can contact me by phone or email listed on my profile.  I look forward to hearing from you.   
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January 08
You should find a lender in your area that offers the HARP program. Depending on your current loan type, you may be eligible for this program.
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January 08
Pay down the balance to the amount that can be refinanced.  
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January 08
Agents again posting in the mortgage sections. We do not give agent advice so please do not give lender advice. dkdilldine - Do to know if you current loan is Fannie, Freddie or FHA? What state are you located in? Also, as for if it is Fannie or Freddie it is not a long process at all. Tops is 30 days. Feel free to reach out but post the answers to the questions and you will get many LENDERS that will respond. Thank you
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January 07

The government has aloud people that have loans owned or guarenteed by Freddie Mac, or Fannie Mae to refinance there loan even if they owe more than what its worth.  I have pasted a link that will show you the rules of this program.  Your other option would be to try a loan modification.  You have to contact your lender for this and I beileve you have to be current on your loan.  They can be very time consuming but can help you alot if you get approved.

To get more information on this I would also recommend calling a loan officer either through your lender, or where you bank at to get more information. 

Here is the link on the new refinance rules:
http://www.bankrate.com/finance/mortgages/do-you-qualify-for-refi-plan-1.aspx

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January 07
waat type of the loan did you do?
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January 07
 
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