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UNDERWATER_NO HARDSHIP_NEED REFINANCE

NEED REFINANCE - House 50% underwater - no hardship of any sort - currently into a ARM with a very high interest rate - Excellent Credit - no other debt other than mortgage ------ i just want to get refinanced to a 30 year fixed low interest rate ---- is there any possibility - or do i have to be punished to be honest responsible hardworking less debt individual
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August 29 2009 - Rancho Cucamonga
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As long as the loan is less than $ 417,000.
Just do a freddie to freddie or fannie to fannie. no appraisal needed.
can load in up to 5% towards the closing costs.
I can help if needed.
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August 29 2009
first you would need to know if it was a fannie or freddie loan. Second if you aRE 50% UNDER meaning your ltv would be 150%?
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August 30 2009
DU REFI has gone to150% LTV.

Unfortunately your only option will be to bring $$ to closing.  I don't get why your ARM rate is high.  ARMS that have adjusted have been adjusting down not up unless your original ARM was a subprime loan in which case their must be somthing else about your making it even more complicated.
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August 30 2009
I have a similar client with an ARM ready to burst that is insane. They are with First Franklin ... I know many of you remember that place! Margin of 5.25, IO, with prepay and loaded with the works. Sad thing is the clients have scores in the high 700's and documented income for days! Been trying to get them out of this for a long time now. They are not negative but MI would negate the benefit and obviously they are not agency with that loan. A true case where a modification with lawyers is in order and possibly my very first recommendation for a forensic audit complete with flashlights and Vaseline if I can't find another solution. 

For situations where well qualified people got into the worst loans ever, I may be becoming a fan of "forced" modifications. I still don't like the basic principal of a modification because the wind blew and your home is now worth less, but in cases like First Franklin selling subprime to what is a no brainer A paper loan ... I say go get em!
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August 30 2009
Profile picture for Mr Caveat
why? why? why?

in what world does it make sense to pay... what? an extra 200,000? more than you need to on this house? how much sentimental value can you accumulate in 3 years? walk away. dont look back.

you put down 20%? still. walk away. dont look back.
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August 30 2009
That is your advice?  Walk away?  He comes across as a responsible homeowner that values his credit.  I am not going to go back and forth on this topic as its a difference in values. 

I agree with Gregorio.  Call your mortgage company for a modification.  Make sure you get someone to represent you if they don't or won't consider working with you.
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August 30 2009
 
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August 30 2009
Profile picture for kate1980
Thank u all for your replies...

Well My arm is a 5 year fixed... so it will will adjust after 2 more years - and i m scared about that ----

I am not subprime --- and was well qualified for the home even 3 years ago -- but we were in a 30 day escrow with the buuilder - and incentives towards closing cost only wit lender financing --- and before we knew we had disgned up for very bad interest rates....

My total mortgage value is 530K -  my first is a fannie loan -My lender is not ready to negotiate a lower interest rate - until i m delinquent or have some hardship to prove or my debt to income is more than 31% - almost 8 months i called my lender to jus get refinanced to a 30 yr fixed - but no avail...The modification companies alll look like a scam - as we have no hardship - nooneius ready to give us any guarantee - but at the lease for lookin at our case will charge us a $ 1000 to $ 3000 in fees to be paid first... for the time they will have to spend on our case...
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August 30 2009
Your best bet is a long modification and there are many options for qualify for a loan modification and you do not need a hardship to qualify.  Unfortunately when you call your bank to ask for a loan modification you will get the run around!  And transferred to several people and never find someone that will really help you and consult with you about programs and how to qualify.  I talk to people everyday with this experience. 

Find a reliable Attorney Loan Mod Company and call it a day.  It will definitely save you time, stress, and believe it or not a lot of money.  The Attorney's negotiate better and quicker and every month that your mortgage payment is not lowered costs you more money and stress.   Plus most homeowners that try it on their own are denied.

 
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August 31 2009
NO SUGAR COATED ADVICE .....50% under water would guarantee you No Approval from any lending institution via no refinance or even no Du refi program whether you are fannie mae or freddie mac or fraudiemac. There is no program for that kind of a negative equity. The only thing you could do is a modification or short sale or foreclosure and if you dont have any hardship then dont complain. Just because other people can not afford their mortgage and getting help that doesnt give you a right to blame them for getting help. So either realize your hardship and accept it and man up to take it to your mortgage company and do what it takes to get a modification or stop complaining and continue on making payments on your under water loan.
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November 23 2009
Profile picture for ShariHaileyMcKinley
Your advice wasn't just sugar-free, it seemed down right rude to me.
I don't think she was complaining.  I think she is just asking for help and advice on this "help and advice" forum.  Isn't that what this is for?  Just saying.
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October 30 2011
Its been 2 years since that post. You are right it does seem kind of harsh, though I never meant to be rude. I do understand that it could seem kind of heartless. My apologies if it seemed that way. Think of it like a big fat syringe full of antidote that hurts but is really good for you. It was good advice but it could have been more gentle. Thanks for pointing it out
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October 30 2011
Profile picture for sunnyview
In 2009, there may not have been any options, but there maybe now. I would see if you might be eligible for the new HARP here that has no loan to value requirement. Take a look at the site, then call your lender and ask them if they can help.
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October 31 2011
 
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  • Posted by kate1980
  • In Refinance
  • August 29 2009
Mortgage Rates
 
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