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There is a solution to your underwater Jumbo... If the 1st Jumbo loan and the juniors are from the SAME bank. If not then you will need to have some kind of collateral to cover the juniors. People like Dale King and me are investors that buy the notes from the bank at a discount then turn around and get you a conventional loan, saving you thousands of dollars off your mortgage. This is not considered a bank short sale nor loan modification, which means you may not have to pay the IRS with a 1099 Debt Forbearance depending how we structure the deals. There are qualifications that need to be met, since not everyone can be helped. First you must want the home back, 2) Your Jumbo loan must be underwater by 10-20% depending on the current price of the home, 3) Your credit must be good or repairable within a year's time. This also goes for Commercial Loans too. If you need to seek out help, please contact me.
Another non Fannie or Freddie upside down, rock and a hard place story...
My numbers are similar. I'm also ~15% upside down in pre-2009 time-of-purchase 1st(5.75%) & 2nd(6.99%) mortgages that are not Freddie/Fannie/FHA/VA/USDA. I'm VA eligible with excellent credit, but the numbers just don't work. I put 20+% down and have made continuous improvements hoping to increase the value, with virtually no result. The appraisals(3) are just coming in too low – the home could not be built for the appraised value. BTW, the appraisals vary so widely that it's difficult to believe they actually mean anything. But, there are obvious market reasons for the low appraisals and there are also not so obvious reasons. The home is in an "almost" rural area with virtually no sales comparables and the FHA has artificially put the county loan limits too low for a DC suburb. This last point will negate any possibility of taking advantage of BHO's newest mortgage relief proposal because I owe more than the county loan limit AND it makes all properties in my part of the county impossible to sell without a significant loss. Additionally, most of the relief proposals I've seen involve principal reduction – this is not my preference because someone, somewhere has to pay for that. I'm simply looking to refinance the entire amount I owe into a single mortgage at the available lower rate. My current lender (Fulton), who holds both loans, will not negotiate or subordinate. I don't get it – all things being equal, except the appraised value, the risk is actually and realistically less if I'm paying less on the same money with the same physical collateral. I've called and written agencies, I've called lenders, I've called realtors – there is no help if you pay your bills. I'm now posting online – so I'm getting to the end of my rope. Any suggestions or help is appreciated.
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