Loan help for a NON Fannie Mae or Freddie Mac-- HELP !@!@!@!
Hello. We have a 10/1 arm that is not backed by Fannie Mae or Freddie Mac, therefore we do not qualify for the Harp 2. We have never been late and have paid full amount monthly. We cannot refinance due to the number of foreclosures in the area (lake propety) that has driven the market values down. OVer the past 3 years we have lost 205,000 in tax assessment value. Does anyone have any suggestions as to how we can take advantage of the low interest rates. We keep getting the door closed in our face everything we try. We cannot refinance and we do not qualify for HARP 2. WHen will the HAPRP 3 roll out? We do have a VA loan but with the fees, we will be over the limit for the VA loan for the area. Any help is most appreciated. THANKS!!! by mmckenzie from Milledgeville, Georgia. Jul 12th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Sadly there is nothing available for your loan scenario right now.. HARP 3.0 is just an idea for now.. Nothing has been submitted to congress or rolled out, so it's anyone's guess.. You can try your existing servicer; however it's very unlikely they will offer to help. Depending on how negative you are, you could always pay down your mortgage, but most financial advisors will say thats a bad financial move to throw good money after a depreciating or negative asset.. Sorry.. but HARP 3.0 is your only hope and it will more than likely fall under conforming guidelines, so if your loan amount is over conforming limits and into the jumbo market, I know for certain this program will not work for you.. . 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
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Your last sentence says you say you have a VA loan, but don't want to use it because of the fees? If there are no other options, then use it, otherwise you are stuck with what you have. IF you are upside down, you can't be picky. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
The only Suggestion is to sit tight and wait for HARP 3. Otherwise, pay down your principal balance, and then you will be ok. Best of Luck!
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
The only other thing is to talk with your current lender and see if they will work with you. Good luck.
Louis Jeffries (LouisJ)
#11 ranked lender in Illinois - 57 contributions
I am not sure but it sounds like you may not be much underwater. If the only thing stopping you for qualifying for the VA IRRL is the fees taking you over the max loan, then pay the fees out of pocket. That is if it makes financial sense and you can afford it. With only having partial information it is tough to give a complete answer.To discuss further you can contact me directly at louisj@fbcfunding.com or call me at 708-299-3244
Ask our community a question.
Get an answer
Related Questions
