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im upside down in my morgage by 200.000 any chance i can lower a 7,09% intrest rate

  • March 14 2010 - Cypress
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Answers (3)

It's hard/impossible to refinance when you are underwater. By definition, refinancing is paying off the old loan in favor of a new loan. Since your home is the collateral on the new loan, you may not qualify for more than 80% of the current market value of the home.

If you are having a hard time paying your mortgage, that's another matter. If you have a qualifying event- medical issues, job loss, business decline, etc. that makes it difficult to make your payments, you could qualify for modifications or short sale. Call 1-888-995-HOPE and speak with a HUD.gov approved counselor to explore your options. You should also consider HAMP. http://makinghomeaffordable.gov/

Since everything has legal and tax consequences, you should consult competent legal and tax advice. When you are ready for a short sale, call your real estate agent.

  • September 27 2010
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Only through a MOD...  If it is $200,000 underwater, it is mathematically impossible to satisfy that equation of FNMA or FREDDIE and 125% possible LTV.  Call the servicer and start dialogue.  Good luck.
  • March 15 2010
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You might want to clarify your question so that answers can be given accordingly.

You're currently upside down and your mortgage is currently $200,000 more than your home value, is your current interest rate 7.09%?
  
Is your loan owned by Fannie Mae or Freddie Mac? (go the these links to find out)

Fannie Mae
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac
https://ww3.freddiemac.com/corporate/

If your loan is owned by Fannie Mae or Freddie Mac and your loan-to-value is no more than 125%, then you might qualify for a Home
Affordable Refinance Program (HARP). 
  • March 15 2010
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