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Underwater Jumbo - $650K owed, estimated $450K looking to refinance, perfect credit

I am a responsible veteran who through bad timing purchased a home in Palm Beach County, Florida in March of 2007. Since then our home value has declined to an estimated $450K from an original purchase price of $700K. Our loan was financed through a veteran based financial institution (non-VA loan) with a minimal down payment. Our interest rate is 6.375% and we are looking to refinance to a lower rate. We have perfect credit, high income (>275K annual) and have never been late on our $5K+ monthly mortgage payments since the inception of the loan. This is our primary mortgage and there are no secondary mortgages or equity loans. While everyone else is getting bailed out, since our mortgage qualifies as a jumbo and is not held by Fannie-Mae or Freddie-Mac, we don't qualify for relief under any of the programs that have helped countless of other less responsible homeowners. All we're asking for is a rate reduction. We're not looking for a short sale or to simply walk away from our responsibilities as homeowners. All we're asking for is a rate reduction equitable to the homeowners that are getting bailed out.

If there are any mortgage companies or underwriters out there interested in refinancing a responsible veteran's mortgage with perfect credit and minimal debt please let me know.

  • September 06 2012 - West Palm Beach
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Answers (7)

This is highly possible......


Best Regards

Gino Meixel
  • February 03 2013
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I understand that there is a New Program for Jumbo Loans,[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
Gino Meixel

Remember a Man is not poor if he can still laugh..... LOL
  • January 29 2013
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Profile picture for m skelton
I am not a mortgage expert, but I had a similar situation (on a smaller scale) to yours...  Have you asked your mortgage company to refinance?  If you have and they've declined, you might consider missing a few payments.  I know this is not ideal, but that seems to be the only way to get their attention.  I stopped paying my mortgage in May 2011 and received a "mortgage assistance" packet in the mail in August.  The payment was $300 less per month on a $1250 per month mortgage.  Good luck and I hope you can get your home refinanced!
  • January 28 2013
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Have you considered a short sale?
  • January 28 2013
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  • January 28 2013
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You are in a tough situation.  Have you attempted going directly to your lender?
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  • January 17 2013
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 I truly wish I could help you with this situation. No one deserves a better deal on their mortgage then a US Veteran. Unfortunately the guidelines say you have to be in either Fannie or Freddie or an existing VA loan. Is there anyway you can bring the difference to the table? I can get you 100% financing but only up to the appraised value and it cant exceed 417k. I would be able to get you 3.25% and pay 100% of your closing cost.

 Please let me know if I can help. I too live in Palm Beach and can talk anytime.


-Ryan Brandenburger

  • October 10 2012
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