Is there any help out there for homeowners upside down without a Fannie Freddie Mae backed loan

Yes. if your loan is FHA, VA or USDA, there are refinance options available where you would not need an appraisal, so your equity position does not matter.. if you have a "Portfolio" loan, then your only options would be to pay down your mortgage to an acceptable level for refinancing, or wait till the value has increased enough for you to refinance.. The only other thing that might help is HARP 3.0.. it's not approved yet, and some say it will never get approved, but none the less, If this program does pass, it might be a viable option for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If your loan is conventional (not USDA, FHA or VA), and it is not Fannie or Freddie, then the answer to the question, "Is there a formal program out there that can help me?", the answer, sadly, is 'No'. We've been hearing about HARP 3.0 for a couple of years now and frankly, this congress can't even pass a cold, let alone legislation that might help the common man (or woman). As the real estate market, in most parts of the country continues to recover, it is doubtful (at least in my opinion) that they will even consider another opportunity to help folks like you and me. Your only real option is to keep trying your current lender to see if they will consider a modification. Best of luck to you in making something happen. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

HARP 3.0 (when and if it occurs) or your current servicer are likely your only options. I would start by calling your lender to see if they will modify although it is unlikely to be honest. Then keep up on the HARP 3.0 news and see what happens... I am always happy to assist whether I work on your financing or not; So if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Contact your lender and request a modification.

What type of loan do you currently have?

DorothyHLupac873,It sounds as though you are in a bit of a tricky situation. The way you are asking about a Fannie or Freddie backed loan sounds as if you have already tried to go through one of the HARP programs to refinance. There are many reasons it might not have been successful; your current mortgage is too recent, your current Mortgage was obtained by limited or no documentation, your current mortgage was an interest only loan.... etc... FHA, VA, or USDA are all possible options as previously mentioned IF you already are in one of those.Sadly the simple truth is that there is not any appetite in the current mortgage secondary market for an investor to take on the risk of going over 100% financing on a mortgage that is not at least partially backed by the government either through HARP or HUD (FHA, VA, USDA)My suggestion would be to find another lender in your area and get a second opinion... we are not all created equally, some can only lend through one bank and others can lend through many.

As others have said, the only other real option will be if it is FHA, USDA or VA. Otherwise it will be up to your current lender. If you have a 2nd mortgage/HELOC and the first is any of those options including Fannie or Freddie you may be able to refinance the first, but not wrap in the 2nd.

Dorothy, I am licensed in Indiana and yes there could possibly be other options for you. Please give me a call at 219.246.4693 so we can discuss the available options.Jon