conventional loan at 13.5% need to refinance

too much info is missing.. If your loan was initiated prior to May 2009, and if it's owned by Freddie or Fannie, then you could qualify for a HARP refi.. if it is not owned by either, then you would need to either pay down your mortgage, or wait till you have sufficient equity.. currently, if you have VA benefits available to you then you can refinance up to 100% of the value.. if not, then you can refinance using FHA to 97.75% of the homes value.. You could also try a loan modification, however under this program, you have to be suffering a hardship, and there's no guarantee you would qualify.. you would need to jump through all their hoops, and 6 months to a year later find out what your "Modified" payment would be.. if you want to see what your up against, just Google "Modified mortgage nightmares".. you'll see why this is most definitely a waste of your time.. .. 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. 480-287-5714 WilliamAcres.com

I agree. Time to refinance! Not enough info... You said your underwater... well how much underwater? You can be up to 97% underwater and still qualify for an FHA loan or LPMI perhaps. There is actually another program up to 95% LTV (Loan to Value) That union bank offers. Its called a EOM (Economic Opportunity Mortgage) Can be called Homepath sometimes as well..... IF you are over 100% LTV and probably not owned by Fannie or Freddie. I would pay down your balance asap and get it to 80% LTV to refinance under conventional comforming rates before they hike up too much. Additionally you were asking about HARP 3 I presume. HARP 3 is most likely either dead or not going to come out in the capacity everyone is saying it will. There is a proposed bill that surfaced back in March. I read through it entirely and there is no mention whatsoever of a HARP 3 covering non Fannie or Freddie loans. They are basically extending the cut off date to March 2010 and streamlining the process. I think since values are rising there will be no "HARP 3" Harp is pretty much in the past now...

Hi! I'd be happy to help. It goes without saying that the rate you have is terribly high. If you'd like to give me a call, 888-659-3848, I can take your information verbally and see what we can do or if you'd like you can apply on my website http://kimlawsonloanofficer.com. Otherwise, best of luck to you! Kim Lawson Ohio Licensed Mortgage Loan Originator, Licensing information can be found on my profile.

Hi! I'd be happy to help. It goes without saying that the rate you have is terribly high. If you'd like to give me a call, 888-659-3848, I can take your information verbally and see what we can do or if you'd like you can apply on my website http://kimlawsonloanofficer.com. Otherwise, best of luck to you! Kim Lawson Ohio Licensed Mortgage Loan Originator, Licensing information can be found on my profile. (the other message didn't link to my profile - sorry for the repost)

Wow that is high. Was this a hard money loan? I work with a lot of hard to do loans. Let me know if I can help. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

Hello, It sounds like you are in a HARD money loan at 13.50%? Now is the time to get your self into a 30 year fixed loan. Please let me know if you have any questions I may answer for you and I would be happy to help you get out of this high interest loan. Cindy MacDonell 707-583-8117 cmacdonell@bayeq.comThank you for your time.

If it is truly a conventional loan, we'd determine if it was a FANNIE MAE or a FREDDIE MAC whose guidelines were used to underwrite your loan initially. Google Fannie Mae loan lookup and the same for Freddie Mac. I can help you with this search if you'd like. If it's one of those types then we can refinance (usually) without an appraisal. It's sort of a "streamline" loan. You can be upside down for these loans. If you have follow up questions, I'd be happy to help. Best, Kim Lawson 888-659-3848 kimberly.lawson@fpfmail.com

Based on the rate, you may have a conventional loan, which simply means it is not a government loan, but I doubt you have a Fannie Mae or Freddie Mac "conforming" loan.

Request a loan modification from your current lender.

Yikes! That is high. You need to contact one of the Lender 411 mortgage professionals in your area right away. They can tell you if your loan can be refinanced using the HARP guidelines that allow for refinancing even if you are underwater. OR if there is some other option for you. Good luck.