Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for eeyorebesse

What other options are there when you don't fit into the "HARP or HAMP" programs?

We've gone to 3 banks/inst. and have wasted $1000.00 in appraisals only to be turned down because our home is less than what we owe.  Our point is if we can pay at the higher interest rate, why do they think we would default on a lesser rate?  Seems the people that are paying their mortgage get screwed leaving the only option left to stop paying and go into foreclosure.  Which we don't see ourselves doing because we take our responsibility of our debt seriously and don't expect someone else to bail us out.  We only want to consolidate our mtg and HELOC and get a lower rate.  Is that unheard of? 
  • November 02 2011 - Lakeland
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (1)

Yes, it is unheard of for a bank to offer a loan amount in excess of the value of the collateral securing it.   

The HARP loans are made because the owner of the new loan already owns the upside down loan, so they are reducing their risk exposure when allowing those refinances.

How much is your recent appraised value, and what amount do you owe on your primary and HELOC?    Are you able to bring cash into close to help bridge the gap?
  • November 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.