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Refinancing underwater mortgage

My mortgage is underwater and I am not eligible to refinance it because of my loan owned by Fannie Mae after may 31, 2009. Any advice  and possibility?
I have solid income but lots of debt
My credit score is very good

Thanks
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May 31 2012 - Virginia Union
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Answers (5)

Your lender was correct.
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July 07 2012
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Lee,

My lender told me I am not eligible for the HARP because of my loan owned by Fannie Mae after 2009. Is that the case?
thanks
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July 07 2012
If your loan is not eligible for the HARP program, then there is, sadly, little you can likely do.   You might discuss "loan modification" options with your lender, but that is a long shot. 
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July 06 2012
If your loan is owned by Fannie Mae then you should qualify to refi under HARP (Home Affordable Refinance Program) assuming you meet the basic qualifications such as income and credit.  The new 2.0 version which came out a couple months ago allows you to refi no matter what the value is compared to the loan.  If you have any other questions just give me a call [phone removed by Zillow moderator]
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July 06 2012
Your best approach would be to contact the current lien holder (your lender). If you qualify they can do a stream line refinance. If not there are lot of local lenders on the forum you can reach them out. Good luck
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June 14 2012
 
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