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Refi Rental Property

Profile picture for Lilybean68
We converted our primary residence to a rental property in Southern California. The property is currently underwater by 40,000. We would like to try to refinance as our current interest rate is 5.85%. We have contacted our Big BANK several times, but they have very little information about HARP 2.0. Should we try to refi this property with our current lender, or should we look for a different lender? Current interest rates are hovering around 4% for owner occupied. What is the rate difference for rental property? Is there a credible online source for more information on HARP 2.0?
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December 29 2011 - Corona
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Profile picture for Courtesy Mortgage
40,000 under might fit under the existing HARP 1.0 up to 125% of value.

2.0 with different servicer will not be available until March 2012.    If you can fit at 125% you don't necessarily need to wait.

The conversion from primary is OK in 1.0 for new servicer versions.
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December 29 2011
 

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