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Thank you for posting a question here on zillow. These would be my questions to you.1. Is this a fannie mae loan or a freddie mac loan2. Is it an FHA loanYou may look up if the loans would qualify under the HARP program on the fannie mae/freddie mac home tool lookup.If they are not either one of these loans the next best thing to do is contact your current lender to discuss loan modifications options for you. Many people have taken advantage of such programs. Please reach out to me by clicking on my profile to discuss further options.Thank you.
If you had a $122,000 loan in 2008 you probably still owe over $115,000 – probably close to $117,000. Depending on who owns your loan, you may have some options, but you may have to wait a few months. The new HARP guidelines are out which do allow for Fannie Mae and Freddie Mac loans to be refinanced even if the loan-to-value is over 125%. The problem is lenders won't be able to determine what rates they need to charge until February. Then it won't be until mid-March until the computerized underwriting program will be updated so that all lenders can assist you.
What I would suggest right now is that you do two things: 1) Contact your current lender and find out what they can offer, who owns your loan, and if they will be able to help you come February if they can't do anything now. 2) Look for a local housing counselor and see if there is anything they can suggest. Be sure that they are HUD approved.
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