Close

See current mortgage rates on Zillow Mortgage Marketplace

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+
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 02 2012 - Upper Marlboro
We think we've answered this question for you!
  • 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.....



  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 06 2012
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/
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 06 2012
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."   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2012
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. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2012
Profile picture for MAspelin
[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2012
Profile picture for wetdawgs
@ Brad:  Why should he contact a Realtor when the issue is being underwater and wishing to refinance?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 04 2012
I would contact a local REALTOR and see what your options are.  Good luck and I hope that things get better for you asap.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 04 2012
If ip = up front mortgage insurance premium.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 04 2012
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 04 2012
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. 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2012
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?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2012
 
Related Questions
How can i refinance my home that already has modified loan from April 2009?
Profile picture for zuser20140604130841958
Latest answer by zuser20140604130841958
June 04 | 14 answers
  • Asked by pookie26
  • In Refinance
  • December 01 2010
underwater on mortgage and bank says they can't help. Can somebody help?
Profile picture for Norm  D Plume
Latest answer by Norm D Plume
November 06 2012 | 11 answers
  • Asked by schultzrn
  • In Refinance
  • November 02 2012
I would like to know my property's value
Profile picture for Clay Burke
Latest answer by Clay Burke
December 22 2008 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 14805 Bowie Farm Ct, Bowie, MD Home For Sale
    14805 Bowie Farm Ct, Bowie, MD 20721

     For Sale: $1,050,000

    • Beds: 5
    • Sqft: 4985
    • Baths: 7.0
    • Lot: 64904
  2. 15800 Pinecroft Ln, Bowie, MD Home For Sale
    15800 Pinecroft Ln, Bowie, MD 20716

     For Sale: $280,000

    • Beds: 4
    • Sqft: 2296
    • Baths: 3.0
    • Lot: 10501
  3. 5505 Thomas Sim Lee Ter, Upper Marlboro, MD Home For Sale
    5505 Thomas Sim Lee Ter, Upper Marlboro, MD 20772

     For Sale: $175,000

    • Beds: 3
    • Sqft: 1392
    • Baths: 3.0
    • Lot: 1598