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how to get help refinance my home with upside mortgage an not backed by freddy mac or fanniee mae

By 1cpopjones676 from OH Mar 25th 2014

Fannie Mae, Freddie Mac, USDA, FHA and VA all have forms of refinancing underwater mortgages. Unfortunately, if your loan doesn't fall into any of those categories, there isn't currently an option to refinance an underwater home that doesn't require cash at the closing table from the borrower. There was a small push for a "HARP 3.0" type program that included those who weren't in the above referenced groups, but there hasn't been much movement or talk lately since home values have risen in many areas.

Mar 25th 2014

Unfortunately at this time there aren't any options.

Mar 25th 2014

If the mortgage is not harp eligible or a usda, va, fha; then looking to utilize the HAMP program may be your best way forward. This is a modification program from the government providing guidance for lenders on how and when to modify underwater mortgages.

Mar 25th 2014

Unfortunately HARP 3.0 doesn't exist and if/when it does, we don't know what the new guidelines would be. There's speculation it could be here this year (that's what they said last year) and there's speculation that if/when it comes, it'd be open to anyone who has a mortgage regardless who it was originally backed by. In the mean time, you can hold on tight and wait or you could ask your current lender if they'd accept a short payoff? Not sure that the later would work all that well but, expect no and if they say yes, well then you may possibly be on to something..? If you might have add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Mar 25th 2014

Are you sure you are still in a negative equity situation? Many areas have seen significant increases in home values over the past several months. It would be a good idea to contact a Real Estate Agent in your area to see what your home would sell for currently. You might be surprised! If you find out that maybe you are not upside down, I would be happy to help! Best of luck!

Mar 25th 2014

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