My 2006 loan is not through Fannie Mae or Freddie Mac. The 1st mortgage is a fixed 8.75% interest only loan and the 2nd mortgage is fixed at 11.50%. The total balance of both loans is $189K and the home value is around $150-$160K. Any help you guys can provide is greatly appreciated. by obrien_555_528 from Green Bay, Wisconsin. Apr 19th 2012
Unfortunately, the Governments attempts to help people with programs like HARP really has picked winners and losers. Without your existing loan being Fannie Mae or Freddie Mac owned, your options are almost zero. With that said, I don't have enough information to make a 100% decisions. www.HARP-Refinance-MN.com
There's a possiblity of another option that is rarely suggested or used by mortgage professionals but it may be something to look at. If approved... you could combine the 2 current loans into ONE 30 yr fixed rate loan at the rates you hear on the radio and TV at a loan size that is less than the current value of your home.Let me know if you have any interest to look into this option.
Hi there! It all depends on what the appraisal would come back at, perhaps we could do a cash out mortgage. Give me a call when you get a chance. I'm a mortgage broker in Green Bay at Mortgage Headquarters. 920-491-0100. Ask for Andrea! I'm thinking I can help you! :)
Your loan situation is difficult, because it doesn't qualify under the "Making Home Affordable" program.We may be able to look at refinancing the first mortgage only, I have had similar clients get approved under certain programs.Feel free to call me (920) 391-4234, or go online for an application (www.landmarkmort.com)
The only think I can think of is that you might want to call your current loan servicer and ask them if they'd entertain a FHA Short Refi (assuming that qualifying for a FHA loan would be possible): http://iloanhomemortgage.com/uncategorized/fhas-short-refi-program/.
There are not many options available for you once your loan to value is over 100%, if your loan is not backed by Fannie Mae or Freddie Mac.If it is backed by the FHA, they will be rolling out their own version of the Homes Affordable Refinance Program sometime in June. Give me a call at (858) 605-0481 if you need more information.
Ask our community a question.