Profile picture for Jerry the B

I owe more than my house is worth.Any refi options.

I refinanced in 2006. I am paying 7 1/2%. Any way to get a lower rate. Never missed a payment. Wife and I have very stable jobs
  • January 10 2012 - Ambler
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Answers (7)

Short sale.. Liquidate the debt before the rest of the country.. You will be a step ahead of the rest!
  • January 31 2012
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There is a program called DU REFI PLUS. My bank, along with many other lenders offer this program. It is a program that is designed for borrowers just like you who do not have bad credit, have the income to support the loan and just owe more than the house is worth. The program allows borrowers to get a mortgage for up to 125% of their homes equity. Please feel free to contact me with any questions.
  • January 31 2012
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Profile picture for sunnyview
You need to lookup the actual mortgage owner. Saxon may just be servicing the mortgage at this point. Here is the lookup site for Fannie Mae and here is the lookup site for Freddie Mac.

Combined Fannie and Freddie own a majority of all US mortgages, so if one of those two own your mortgage, you may qualify for a government program like HARP.
  • January 10 2012
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Profile picture for Jerry the B
Thanx sunny I will check it out
  • January 10 2012
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Profile picture for Jerry the B
SAXON mortgage
  • January 10 2012
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Profile picture for sunnyview
I would look at the HARP website here and use the links on that page to lookup your loan. If it fits the requirements and is owned by Fannie or Freddie, you may qualify for a low or no cost refi even if you owe more than your house is worth.

If your loan is not owned by Fannie or Freddie, you might be able to do an FHA streamline from what I read, but a good lender would be able to tell you every type of loan you might qualify for in your specific situation.
  • January 10 2012
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Profile picture for BobDandi
Who holds your mortgage and who services it (Fannie Mae? Freddie Mac?)
  • January 10 2012
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