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WE CURRENTLY HAVE A 7.25% LOAN ON A PRIVATE CONTRACT AND UNDERWATER. WHAT OPTIONS ARE AVAILABLE?

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November 04 2012 - Seattle
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You will need to see if your loan is owned by Fannie or Freddie, then you can use the HARP program to refinance your underwater mortgage
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February 07 2013
Look to see if danni or Freddie own your loan by googling "does Fannie Mae own my loan" and "does Freddie Mac own my loan". You also have an option if it is an FHA loan. I'm not sure what owned by a private contract is, but my guess is that yours isn't an FHA or HARP eligible loan.
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January 29 2013
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What do you mean a private contract? If your loan is not underwritten by a government agency like Fannie Mae or Freddie Mac, you would be ineligible for HARP that allows you to refi underwater to get a lower rate. You can ask your investor if they will drop your rate, but most would not agree to do that.
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November 04 2012
 
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