Profile picture for StuckInFLForEver

Is there any lenders for refinancing underwater homes which are not backed by govt.

I am in FLORIDA. My loan is with Bank it self (Not with Fannie or Freddie). Looking for refinancing and not eligible under HARP. Is there any banks or lenders who are accepting refinancing for under water home which are not backed by Fannie or Freddie.
  • May 10 2012 - US
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Answers (5)

Profile picture for user1515826
I'm not sure the date this post was written. I am an investor and we have a program that allows high end upside down homeowners to keep their property and lower their overall debt. The original loan must be JUMBO over $417,000 and you must have 10-20% negative equity, depending on the loan amount.
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  • July 28 2012
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Hi,

You may be in luck if your current on your mortgage.

The loan is upside down by at least 115%.

And it is not FHA, Fannie or Freddie.

The original lender has to agree to a short refi but there are lenders you can use to pay them off. 

You need an FHA Short Refinance 
  • May 11 2012
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If you can hang in there, word down the grapevine says that a HARP 3 may be coming for non fannie freddie.  Hopefully this is not just a rumor. keep your eye out for it.  There will be many people applying for this program if it becomes available.
  • May 10 2012
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Profile picture for StuckInFLForEver
Thank you Justin.
My loan is owned by a Credit Union.
  • May 10 2012
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look up National Mortgage settlement. Loan needs to be owned by Chase, B of A, Wells, Citi or Gmac. I believe each of this 5 banks have FAQ available online to explain further the required criteria.
  • May 10 2012
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