Profile picture for aaafun3

have an adjustable rate 9.9, good credit, still able to pay mortgage, home value down, can't refi

  • April 24 2009 - Saginaw
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Answers (12)

There are loan programs that can get you 125% of the appraised value of your house.
  • October 20 2009
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If you can't refinance, you may be able to qualify for a loan modification.  Our Attorneys will evaluate your situation for free to see if they can modify your loan for you. 

I assume you have exhausted all possible refi possibilities.
  • October 03 2009
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Profile picture for CORONA NICK
If your upside down,,,, your SOL. 9.9%... you must have had bad credit.
  • October 03 2009
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Profile picture for Mr Caveat
i dont think he wanted to keep his 9.9% rate, but i am shocked that you professionals would pretend like its that easy.
  • October 02 2009
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Rates are currently at historic lows, you should drop that 9.9% rate as fast as you can.  Contact an experienced lender and they will show you how to put it together. 
  • October 02 2009
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Profile picture for Liberty Mortgage
I would suggest calling a lender and giving them the address of your home.  They can then determine whether or not your home fits into a new government program that allows you to refinance your home even if you are upside down by up to 125% with no mortgage insurance.  Rates are also extremely competitive with this new program.

The names of the programs are as follows:
Fannie Mae DU REFI PLUS
Freddie Mac REFI RELIEF

Another option you have is to refinance into an FHA mortgage-  With this program the loan to values are limited, you will need mortgage insurance, and the Loan to Values are limited to below 100% of appraised value.
  • September 24 2009
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E, With a 9.9 rate they may be able to afford that 5 year FHA loan you pimp!
  • September 24 2009
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How much do you owe?

What is your property worth?

Earnie
  • September 24 2009
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If you are in a Fannie Mae or Freddie Mac I can help, if you don't know call me I can help.

  • September 23 2009
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Profile picture for Jon Petersen

You can contact your lender for a loan mod, but they will probably tell you that unless you are behind on payments, you arent in a financial bind, and will do nothing. I would suggest contacting an attorney who does loan mods. Take your time looking for them, as there are many scams out there. Just make sure they are an attorney, and not an out of work mortgage broker who was pushing these products two years ago. They are only in it for themselves.
 Your attorney should be willing to look over the numbers before taking any money, and if they tell you to stop making payments, run! A good attorney can hep you while your payments are current, so you can also protect your credit.

  • April 24 2009
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Profile picture for Mr Caveat
it sounds like your options include destroying your credit and walking away or paying close to 10% interest on a property value that is unrealistic to say the least... sorry 'bout the bad news
  • April 24 2009
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So what is your question? What is your options?

My assumption is you are not in a Fannie Mae or Freddie Mac based off your high rate and it being an ARM. If you ARE in one of those you can do a refi if your home value is 105% or less.

Otherwise contact your lender to see if they will do a loan modification for you
  • April 24 2009
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