Zillow Advice: Loan Modifications - I have a conventional interest only loan, not Freddie or Fannie, do I have any options? http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ Zillow Advice | Zillow Real Estate BoA is doing modifications ... http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ BoA is doing modifications on <a href="http://www.zillow.com/mortgage-rates/">interest rates</a> but not principal amounts. This may help you. They do have a direct number you can get if you call their main number.<br/><br/>They are going into a 30 yr fixed rate. Thu, 24 Nov 2011 13:55:00 GMT http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ 2011-11-24T13:55:00Z HiDont stop making your payments.If ... http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ Hi<br/><br/>Dont stop making your payments.<br/><br/>If your paying an interest only <a href="http://www.zillow.com/mortgage-rates/">loan</a> the <a href="http://www.zillow.com/directory/lenders/">lender</a> is required to consider the fully amortized payment along with hoa if you have any. taxes and insurance.&nbsp; If this is greater than 31% of your gross income that is the first criteria.<br/><br/>2) was the loan originated on or before 1/1/09.<br/><br/>3) is your loan balance inder $729950<br/><br/>If these are all yes you meet the initial criteria.<br/><br/>The <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> will&nbsp; need to know your net present value.<br/><br/>if your home is underwater is it more than 115% underwater? <br/><br/>If all of the above is correct you may qualify for the principal reduction alternative mod.<br/><br/>You may want to dispute you debt, and validate the loan send in a QWR.<br/><br/><br/>There is a new FHA Short Refi&nbsp;program &nbsp;but Bank of America typcially will not participate with that program.<br/><br/> Thu, 24 Nov 2011 13:45:00 GMT http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ 2011-11-24T13:45:00Z Thanks so much for your answer.&nbsp; ... http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ Thanks so much for your answer.&nbsp; I figured there were no options but I do have a little time, so I'll keep researching.&nbsp; BOA has the <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> and it was bought from Country Wide so I dought that BOA will give me any kind of break.<br/>Sincerely Wed, 23 Nov 2011 23:29:00 GMT http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ 2011-11-23T23:29:00Z There are no other options ... http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ There are no other options to refinance.&nbsp;&nbsp; Maybe you could call your existing <a href="http://www.zillow.com/directory/lenders/">lender</a> and see about a <a href="http://www.zillow.com/mortgage-rates/">loan</a> modification&nbsp;&nbsp; or&nbsp; see if they will refi you without an appraisal.<br/><br/>No new lender is going to want to lend you money since they have no <a href="http://www.zillow.com/mortgage-glossary/Collateral/">collateral</a> (since the house is upside down) Wed, 23 Nov 2011 20:13:00 GMT http://www.zillow.com/advice-thread/I-have-a-conventional-interest-only-loan-not-Freddie-or-Fannie-do-I-have-any-options/423835/ 2011-11-23T20:13:00Z