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Refinancing Underwater Loan

I just spent 4 hours on the phone with HUD counselors, and I am no further along than before. My loan is not Fannie or Freddie, it is being serviced by One West Bank, who took that over from IndyMac. My mortgage is actually in a pool of mortgages,(mortgage backed securities), that is owned by Deutsche Bank National Trust Company. (They are the Trustee.) One West Bank states they have to follow the terms of their servicing agreement, which will not allow any modificationto loans in this pool that are not seriously delinquent. HUD is telling me there are GSE lenders that will refinance mortgages that are Non-Fannie / Freddie, that you have not been late on payments in the past 12 months, and are underwater. The only info I'm finding on GSE lenders says the loan has to be Fannie or Freddie. Any info on what my actual options are would be greatly appreciated, since all the "experts" don't seem to know what is going on.

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January 09 2012 - Hawthorne
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My name is Cristian Montalvo I am a seasoned mortgage professional and help many families lower their mortgage payments.

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Best Regards,

Cristian

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January 09 2012
Unfortunately most housing counselors are NOT lenders, so they are often wrong – and they are in this case.  Fannie & Freddie will not lend more than the property is worth unless they already own the mortgage.  I really don't know of any options.
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January 10 2012
Hi,

I believe what your talking about is an FHA Short Refinance.

Your lender has to participate.

You need to be current on your mortgage payment for the last 12 months.

Upside down on your loan by 115%

You may end up getting a new loan at 97% of current market value.

Almost all loans we deal with are securitized.  There are ways to deal with the servicer/investor. 

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January 13 2012
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JoAnna, I'm in the exact same situation as the person who posted the original message (marcd2k).  IndyMac(OneWest) services my loan, but Deutche Bank is the investor.  I'm attempting to apply for the FHA Short Refinance, but I'm having trouble getting anywhere with IndyMac and their service agreement with Deutsche Bank.  You mention that there are ways to deal with the service/investor, but what are they???? A little help/guidance would be much appreciated!
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March 22 2013
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March 22 2013
 
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Refinancing Underwater Loan
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March 22 2013 | 5 answers
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