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I have a mortgage interest only, my condo has reduce the value, how can I do to refinance ?

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August 08 2011 - South San Francisco
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Profile picture for mercy60
Wayne :the interest rate is 6.75 what can I do? No option to refinance? Manuel, I checked Fannie and Freddie Mac do not own my loan.
what is 125% HARP refinance program?
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August 13 2011
If your mortgage is interest only the payment is likely to be less than a payment even at today's low rates. What is your current interest payment?
The likelihood of being able to refinance though is virtually nil.
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August 10 2011

First check to see if Fannie Mae or Freddie Mac own your loan.  Google Fannie Mae loan look up and Freddie Mac and enter your info.  It will tell you right away if any of these agencies own your loan.

If so, you may qualify for the 125% HARP refinance program.  You can check to see if the bank or servicing company (company you are paying every month) you are currently with offers this program.  If not, I have some sources that will go to 125%.

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August 10 2011
Profile picture for mercy60
I owe 500k, my condo value is now 415K.  I don't have a lender, can somebody tell me if I have any possibility to refinance and if so, how?  I do have  and excellent credit

Thanks
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August 09 2011
It will depend on how much you owe and how much is your condo now worth. Check that out first and speak with your current lender.
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August 09 2011
 
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