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Re-fi/Hud program assistance possible? Major underwater - Not securitized by Freddie/Fannie

Bought in 06 at 215k.  1st is at @ 172k, 7.3%, not freddie/fannie backed, and it's interest only.  2nd is at 31k, 10.1%.  The value of our townhome has dipped significantly due to foreclosures/overstock and comparables are listed at 135-160k.  We've seen a mortgage consultant who basically told us there's not much he can do b/c our 1st loan is not Freddie/Fannie backed.  Are there any other programs out there for us?  We are drowning! (Excellent credit, no late payments).
  • September 29 2010 - Payne Phallen
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Answers (2)

Because your loan is not Freddie/Fannie, you may benefit from completing a Loan Modification with your current lender.  When Modificaitons first came out, most banks did not want to do them.  Now they are faces with the reality of getting the home back, which at the end of the day...they DO NOT WANT.

Times have changed and banks are more willing to work with homeowners in your situation~ ie..good credit, no lates, etc. 

Feel free to contact me and we can discuss this more in depth.
  • February 01 2011
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Call this number

612 312 2020

Follow to this link for additional phone numbers

http://hocmn.org/en/foreclosurePrevention-map.cfm/countyID/85

These are state run programs. The link gives you non-profit counselors that work specifically in Saint Paul.

Good luck.

  • September 29 2010
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