Profile picture for schultzrn

underwater on mortgage and bank says they can't help. Can somebody help?

i have 398k left on mortgage. tried to refinance but house appraised @ 365K i don't qualify for HARP (not with Fannie or Freddy) and my bank said they can't do anything for me @ this time. no late payments for duration of mortgage and fico is 720+
  • November 02 2012 - Upper Marlboro
  • 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 (11)

I would contact a local REALTOR and see what your options are
====================
There was a response a couple of years ago that still cracks me up, along the lines of:

1.  Need advice on transmission repair? contact a local REALTOR 
2. Need taxi service? contact a local REALTOR 
3. Want to go sightseeing? contact a local REALTOR 
4. Getting divorced? contact a local REALTOR 
5.  Need your tax returns done? contact a local REALTOR 
6. Just want someone to talk to becuase you're lonely? By all means, contact a local REALTOR 

and so forth.....



  • November 06 2012
  • 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.

Crazy but I've had so many clients tell me they must miss a few payments before their lender will negotiate further.  Good luck. See if your lender has a AG Dept. There may be something there for you. I also just came across this website - take a look. http://keepyourhomecalifornia.com/
  • November 06 2012
  • 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.

Profile picture for Go Huskers
Posted In order of ridiculous, stupid information:

1) "I would contact a local REALTOR and see what your options are."
     This has to be the stupidest answer I've seen in a while. Seriously? 
     Why does this person need a REALTOR®?
2) "Read The Underwater Social book by Paul Aspelin"
     Too ridiculous to comment on!
3) You owe more than the house is worth. Banks are not going to refinance that sort of loan"
     Completely false and unqualified "advice"

Posted In order of USEFUL answers by a QUALIFIED professional!

1) "You should be able to obtain a streamline without an appraisal."   
  • November 05 2012
  • 3Yes

  • 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.

Profile picture for BoulderBobGordon
You owe more than the house is worth. Banks are not going to refinance that sort of loan - bad investment.  Your options are hold on and keep making payments, as the real estate market is recovering, or contact a real estate agent and explore a short sale. 
  • November 05 2012
  • 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.

Profile picture for MAspelin
[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • November 05 2012
  • 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.

Profile picture for wetdawgs
@ Brad:  Why should he contact a Realtor when the issue is being underwater and wishing to refinance?

  • November 04 2012
  • 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.

Profile picture for wreynol4
I would contact a local REALTOR and see what your options are.  Good luck and I hope that things get better for you asap.
  • November 04 2012
  • 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.

If ip = up front mortgage insurance premium.
  • November 04 2012
  • 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.

You should be able to obtain a streamline without an appraisal. The down side is depending on when the original loan was obtained the new if ip and monthly mip may negate the benefits of the refi.
  • November 04 2012
  • 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.

Profile picture for schultzrn
thank you for the response. the loan is an fha and i make my payments through suntrust but the mortgage is with another company. i tried to refi with loan depot and after the appraisal. i got a letter saying i didn't qualify . i lost my $400 appraisal fee and heard nothing else. there are a couple of bills that are being blocked by politicians that will help people in my situation. 

  • November 03 2012
  • 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.

Not knowing the complete picture do you have an FHA mortgage? Did the loan officer try to dispute the appraisal? Who is your current servicer of your mortgage?
  • November 03 2012
  • 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.