Profile picture for Sasarai

Looking to refinance a a US Bank serviced Freddie Mac loan but having trouble.

Thanks in advance for the help. This is my current scenario.
I purchased a townhome in Minnesota as a primary residence with a loan amount of 173k. Zillow shows recent sold homes as 160k-180k.
I have relocated to California and wish to refinance but am having the hardest time with finding someone who can help me with refinancing. It seems many lenders don't know about the Obama loan or have wrong information regarding this.
US Bank for example tells me that they can not refinance this because I no longer live in MN.


Can anyone please help me with this?
Thank you.
  • April 21 2009 - Maple Grove
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Answers (8)

Profile picture for Rob Cochems
Do to the fact you are Freddie Mac, you must refinance with your current servicer.  Even though the program has been enacted, every servicer does not have it available yet.  The have up to 12/31/09 to implement the program.

Just stay in touch with them, they will get it up and running eventually.
  • April 27 2009
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Profile picture for duder7007

I am actually in a similar situation. I purchased a foreclosed condo with a fixed 30 year rate in St. Paul MN. it is a freddie mac loan, the servicer is MetLife home loans. In my case, the home is my primary residence.

I called Metlife to get details about the Making Home affordable programs, but as of last week (4/23) they were not able to help, promgrams are opening in May? Is anyone else issues in the Twin Cities with Freddie Mac refinancing?

  • April 27 2009
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Profile picture for Sasarai
If it helps, the property address is 17668 69th Place North Maple Grove, MN 55311.

If anyone knows the true market value for this region it would be very helpful in trying to book a refinance.
Thank you!
  • April 22 2009
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Profile picture for Sasarai
Yes, this would be change in occupancy status. Does this imply that the rate would be higher, or not possible to refinance at all? If so, are lenders very tight on enforcing this? Just trying to get a better rate. <sigh>
  • April 21 2009
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Michael,

My bad, I jumped the gun on that one, you're correct.  However, my guidelines tell me that regarding occupancy: "Must be the same occupancy as original loan except change from second home or investment property to primary occupancy is allowed."  It is my understanding that she has left her primary to live in another state.  This would be a change in occupancy... would it not? 
  • April 21 2009
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The "obama plan" or Making Home Affordable plan is for Owner Occupied, Second home, and Investment properties. If your new loan is going to be within 105% of the property value you can streamline refinance using this program.

Sorry for the conflicting opinions but the response before me is wrong 100%

  • April 21 2009
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The Obama plan to help homeowners refinance is for a Primary Residence only.  You have to live in the property to qualify. 

  • April 21 2009
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  • April 21 2009
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