Trying to refinance an underwater mortgage in Silver Spring, MD
I currently have a 30yr fixed mortgage on my primary residence in Silver Spring, MD that was done as a CHIP loan and was not sold to Fannie or Freddie. I believe that the Bank held it on its books and when I approached the Bank to refinance my mortgage, they explained that I had no options to refinance it. The loan is currently for $270K and the value of the property is probably around $200K. I have stellar credit and have never missed a payment over the past 6 years. I would be interested in refinancing to a 15yr fixed mortgage. As part of the original deal I did not have PMI. What are my possible options at this point? by bzamya_223_957 from Silver Spring, Maryland. Nov 25th 2012
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Unfortunately, your options are limited. If your bank held on to the note and didn't sell it to Fannie or Freddie, then your only real option is to negotiate with the bank/investor that is holding the note. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Jarred Minieri (jarredminieri)
#11 ranked lender in Rhode Island - 20 contributions
Unfortunately if you are in negative equity position and you don't currently have a Fannie Mae, Freddie Mac, FHA or VA Loan, refinancing it will not be possible. Your only and best option (which I know you tried) is to try and attempt something with the current lender. If the loan is held by your local bank, they may have the power to work something out (refi with no appraisal or a potential modification etc..) That said though, don't be surprised if they won't budge. Best of luck!
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
i do have a referral option for you please email me at yourloanpartnerforlife@live.com linda
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Sorry, but it doesn't appear you have any options because you got a special loan to begin with that wasn't transferred to Fannie Mae or Freddie Mac.
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