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Profile picture for jcponyfeather

I'm upside down on my home,the bank wont give me a home modification looks like about 129,000 upside

  • July 27 2012 - Napa
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Answers (7)

You aren't eligible for any loan modification if your only hardship is that you are upside down. That isn't a reason to modify a loan. You also aren't eligible for any loan modification if your only hardship is that your interest rate is above market. You have to be able to document a financial hardship, unless you are relocating and in the millitary.

Every person in the world that buys a car is upside down the minute they drive it off the lot. Are automobile lenders doing loan modifications? No? Why then would you expect a mortgage lender to modify a loan jut becasue you don't have any equity.

As another poster stated, if you have a government loan taken before June 1, 2009, you can do a HARP loan without income, credit or value consideration provided you've made on time payments over the last 12 months. you can go to Fannie and Freddie's websites to see if they own your home.

Good luck.
  • February 10 2014
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Hi aneal, you may be eligible for HARP 2.0 refinance if you are current on your loan and it was opened prior to June, 2009 and is backed by Fannie Mae or Freddie Mac. You don't have to rely on Bank of America who is more than likely just the Servicer of your loan. I can help you find out if your loan is HARP 2.0 eligible and it doesn't matter how upside down you are. In addition, I have gotten approvals with debt to income ratios over 60%! [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • January 29 2014
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Profile picture for aneal52379
I am upside down w my house as well and Bank of America won't help unless we are behind on our mortgage! We have good great and make good money but don't qualify for a conv. Loan bc of our debt to income....anyways boa told us we have to be behind before they will help and also said to bring them an offer! I HATE Bank of America! They don't care!
  • January 29 2014
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have you checked to see if your home is owned by Fannie Mae, Freddie Mac, or if it is currently an FHA or VA loan. If any of these parameters hold true you are eligible for a refinance with potentially no appraisal, and can be significantly underwater with no further impact to your rate than someone slightly underwater.

I would recommend consulting with a mortgage professional whom should be able to quickly take you through the verification process with little more than your address and last 4 of your social.
  • July 27 2012
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Profile picture for Mike Bolen
Often lenders such as Bank Of America will offer you an "incentive" to cooperate with a short sale. The incentives have increased and in many cases we are seeing sellers being paid as much as $30,000 at closing to cooperate with a short sale. I am a CDPE (Certified Distressed Property Expert) feel free to message me or call with questions. 

Thank you 
  • July 27 2012
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Dear Napa,
Sorry to hear about  your situation, but you certainly are not alone. You can consider a short-sale on your property, which is a step many homeowners have had to take. I would advise that you speak with a Realtor who can assit you to short sale  your property.
  • July 27 2012
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E-mail me the address of your home.

I will run it through the U.S. Government websites to see if

you qualify for one of their loan guaranteed programs.

If you qualify we may be able to lower your interest rate drastically. 

I have excellent results in the past.

I'm here to help.  Thanks.

Ed [contact info removed by Zillow moderator]
  • July 27 2012
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