Illinois - I have 100% LTV. Any way to refinance?

If you're intentions are to keep the home beyond 5-7 years, you should seriously consider a cash-in refinance to restructure your mortgage debt obligation. Otherwise, work on accelerating through your amortization schedule which will directly impact your effective interest rate. Don't get upset about having a 5.250% interest rate as it could be worse. Want to discuss your situation in more detail... just contact me for a free assessment. Happy Lent!

Andy: I'm a Lender that actually resides in Lockport. My office is nearby in New Lenox. Please give me a call so we can talk. I always like to get ALL details prior to making a yes or no decision or call to a client. New programs become available all the time ... perhaps with more details I can better determine if I can be of assistance now ... or in the near future. I look forward to talking soon ... Thanks for the opportunity.

You are right on about the eligibility date for HARP refinances. There is one possibility but doubt it is viable. FHA will allow you to borrow 98.75% of the appraised value so you would still need to bring $10,000+ to closing. On top of that, FHA mortgage insurance is expensive and would negate most of the rate reduction. I would hope to see a revision of the HARP eligibility date but don't know if that is being considered. I think your only option now is to wait.

Sorry, wait for value to increase.

Andy.. I am familiar with your area in Illinois. The southern suburbs are hard hit in terms of values, especially new construction properties from 08/09. We are all hoping for a HARP 3.0. Stay in touch for updates. Better yet, contact me via my profile so that I can notify you with any changes.

Best to wait till value comes up, sorry to say

Andy - we have a Conventional 97%, if you have the reserves ability to come in with 3.0% to pay the loan to 97% loan to value? There are 2 points to that HARP cutoff date - if you have a Fannie Mae loan, then you can still do a "DU Refinance Plus" and depending on the Automated Underwriting - did your lender tell you if the "findings" came back with a value or did he tell you that he didn't and that is why he was required to order the appraisal?I'm working tomorrow - if you have a few minutes, call me @ 512-381-4643. We're a National Bank and lend in the continental US! I look forward to talking to you. Thanks...Jeff email = JAlbrecht@PrimeLending.com

Andy: I'm a Lender and live in Lockport ... my office is located in New Lenox. Would be happy to look at all your information to determine if there's anything that can possibly be done to improve your position and payments. Please feel free to contact me at your convenience. There are new programs that become available often. The consultation and info would be FREE. Look forward to speaking soon ...

Andy: You can contact me at my office at: 815.524.2280 ... or on my cell: 708.921.6331. My email is: gmundt@goapmc.com. My office is located right off Rt. 30 and Vine Street in New Lenox. Look forward to talking!Thanks ...Gene