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Refinance options for underwater loans after June 2009

I'd like to lower the monthly payments on my home mortgage. I'm currently about 110% underwater.

Home Value - 270ish
Owe: 291
Total Loan amount: 310

The loan went to Freddie on July of 2009, so i don't think i can get HARP 2.0 (has anyone had success getting an HARP loan after june 2009?. Do i have any options to take advantage of current rates being at +100% LTV?
  • September 06 2012 - Seattle
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Answers (8)

No refinance options at this time aside from bringing cash into closing to fit beneath the current appraised value.
  • September 06 2012
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What is the highest LTV I could be to get a normal loan?  Could i be at 100%, or would it have to be closer to 80%?
  • September 07 2012
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There may be solutions to your problem. There are a number of loan programs including an FHA principal reduction refinance loan. These loans are eligible to you regardless of the value of your property, they simply take time.

Better yet if you have an FHA loan currently, or VA loan you are eligible to do a streamline with no appraisal at all.
  • October 02 2012
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You don't have any options as of now unless you want to bring cash into the transaction for the refinance.  Hopefully in the future Fannie and Freddie change the date for Harp refi's.

  • November 04 2013
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Hopefully in the future Fannie and Freddie change the date for Harp refi's.
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Setting aside that this is an old Lazarus post; Fannie and Freddie already did change the date. They changed from sale date to note date. The poster didn't mention the note date so with the limited information listed there's not a way to say if he qualifies for HARP or not.
  • November 04 2013
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How do i find out the note date?
  • November 04 2013
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If you email me your address I can find the note date out for you in 2 minutes.
  • November 04 2013
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It would be the date of closing when you signed multiple documents including the Deed of Trust, Note, HUD 1, etc.  If that date was before June 1,2009 it would qualify under new guidelines that Norm mentioned that went into effect in the last 45 days. Probably won't help that many but you may be in luck....
  • November 05 2013
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