House underwater, what are my options for refinancing?

Hi Kandaca,Lots of factors come into play. I am licensed to lend in California and am happy to answer your questions specifically if you'd like to call me. 714 619 5609We would need to know how far you are underwater, your credit and payment history on your home, when you got your mortgage, and who owns the loan.It is possible to refinance in some situations when you are underwater, but it will depend on a lot of variables.Give me a call if you'd like to talk.Brian Kimball714.619.5609

Hi Kandace,Brian is correct there is a lot of other information needed. However, You may qualify for the HARP program. (Home Affordable Refinance Program) If your loan was originated before June 1st 2009 and is owned by Fannie Mae or Freddie Mac. Additionally you would need atleast a 620 credit score and some debt to income requirement exist... There is other programs depending on how "underwater" you are. We do HARP loans all the time. We actually have a website based on the HARP program alone to give you some information. It is www.harp2loans.info. Please give me a call and I can run you through and see if we can qualify you for anything. Rates for the HARP program are very comparative to traditional refi's. 760-616-1882. David Sanders with Crossroads Funding. www.crossroadsfunding.com

HARP 2.0 may be available to you.

Harp or FHA and Va Streamlines

Kandace -- what the other lenders have told you is basically correct. The one way that may not be able to refinance when underwater, is if you took out two loans to purchase the home (usually called and 80/20 - because you take out an 80% first and 20% second, thereby avoiding mortgage insurance; not available to many today) as usually the first did not become part of the qualifying pool (FHA, Freddie, Fannie, VA).

Hello Kandace123456 HARP 2.0 is available if you obtained your loan prior to May 2009 and Fannie Mae or Freddie Mac is servicing your loan. There are a few things we must know before we can give you the correct answer. oUNDERWATER? You owe more than your home is worth? New HARP 2.0 If you are not sure if you have a Fannie Mae or Freddie Mac owned loan then check out the sites below:https://ww3.freddiemac.com/corporate/ or http://www.fanniemae.com/loanlookup/. Let me know if your are on one of these lists.oWe now CLOSE HARP 2.0 Loans! - under water loansOnce you have found out that FNMA or FMHLC is servicing your loan, call so we can assist you. Steve at www.GreatAmericanFunding.com 805-374-6000 evening and weekends ok

It will depend on your situation.Possible options are:1. Loan Modification, i.e. rate reduction or term extension to lower payment, principal reduction, payment assistance, etc.2. Refinance - HARP3. Short SaleCall Edward Kim at 855-411-4112 x111. I may be able to assist you with proper sources.

the HARP program. (Home Affordable Refinance Program) If your loan was originated before June 1st 2009 and is owned by Fannie Mae or Freddie Mac. Additionally you would need atleast a 620

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