if i have an arm and am underwater on my mortgage what should i do

If Fannie Mae or Freddie Mac own the mortgage and it was originated prior to June 2009, you might be eligible for a HARP refinance where no appraisal would be necessary.. Also, if your loan is an FHA ARM, you could do a streamline refi with no appraisal.. if neither of these options are within your scenario, you could always wait out the storm so to speak.. values are on the rise and it's just a matter of time before you have enough equity to refinance.. .. 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

the first step is find out if your loan is owned by Fannie Mae or Freddie Mac, go the following link: http://www.makinghomeaffordable.gov/pages/default.aspxby cutting an pasting it your web browser. go to TOOLS then "Does Fannie or Freddie own your loan, type I the required information.If the either agency owns your loan then we can use the HARP Program to refinance your loanErnesto Marez 240.544.1243 or emarez@oldlinebank.com

My best advise is to check the Fannie Mae or Freddie Mac websites to see if your loan is owned by them. They have the HARP program that will allow you to refi even if you are underwater. Most of the time with no appraisal needed. If you need help doing so feel free to give me a call and I would be more then happy to help you evaluate your options. Michael E. Clark Senior Home Loan ConsultantWest Town Savings BankNMLS# 7705229607 Belair RoadBaltimore, MD 21236Main: 410-882-6633 ext.1146Fax: 866-311-4146Cell: (410) 591-8034Email: mclark@westtownsb.comwww.westtownsb.comNational Lender

See if you qualify for HARP. If not, contact your servicer, to see if a payment reduction plan is available.

There should be a few options available to you...1) The HARP Program....Did you complete your last financing prior to may of 2009 and is your mortgage with either Fannie or Freddie? you can go to their websiteswww.fanniemae.com or www.freddiemac.com to see if either holds your mortgage(assuming your loan meets the time guidelines of prior to may 2009)..2) contact your servicer and request a loan modification. 3) NOT RECOMMEDED but still an option...Is to let your mortgage go 30 days late...and then you may be able to qualify for the HAMP program....AGAIN this is really not recommended....I would check with your current servicer and see what options they have for you.....They truly would not want your loan to go late and risk foreclosure. They work with you usually....

First if your loan was bought by fannie or freddie prior to may 2009 you may be eligible for a Harp loan which has unlimited LTV. Second you can ask your lender for a loan modification which they most likely wont do and the last option would be to try and take advantage of the HAMP program, which unfortunately is also a loan modification and your lender won't typically even discuss it if you haven't been late on any payments.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Like others have stated, check to see if your loan was bought by Fannie Mae or Freddie Mac prior to May 2009. If it was, you would be eligible to complete a refinance under the Home Affordable Refinance Program (HARP), which is specifically for underwater borrowers.

Check Fannie and Freddie and refinance if they own the loan

If Fannie Mae or Freddie Mac own the mortgage and it was originated prior to June 2009, you might be eligible for a HARP refinance where no appraisal would be necessary.. Also, if your loan is an FHA ARM, you could do a streamline refi with no appraisal.. if neither of these options are within your scenario, you could always wait out the storm so to speak.. values are on the rise and it's just a matter of time before you have enough equity to refinance.. .. 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

Fannie Mae lookup : https://www.knowyouroptions.com/loanlookupFreddie Mac lookup : https://ww3.freddiemac.com/corporate/If those don't work I would call your servicer and see if they could convert/modify to a fixed for you?

If your loan is NOT owned by Freddie or Fannie, nor FHA, and wasn't purchased by them prior to their mid 2009 cut off, you maybe out of luck. There is another possibility, if it is a VA loan, the deadlines don't apply, and you may be able to get it refinanced.Your best bet would be to contact a local, licensed mortgage officer, so they can help you investigate your various options.

The HARP program or FHA Streamline refinance is an option if you qualify. I believe everyone here has covered the specifics of the program.

that is something we moght be able to help with, need to look at when you took the loan out and also if there are any city funds like Hardest Hit to help bring the balance down.