Underwater mortgage, need advice

Only you can decide if you want to walk away. Being upside down $120,000 is a big pill to swallow. However, if you really like the home and want to stay, the New HARP 2.0 may help you. If you loan is FNMA or FHMC owned, you shold be able to refinance because one of the features of the enhancements is anticipated to be no appraisal requirement. This means that you may be able to get your payment way down. If you still can't afford the home at the lower payment, then you may not have a choice. I'd be happy to go over the details so you have a better idea of what your options are. 888-889-9950.

Under the New and Improved HARP program, you should be able to refinance. Assuming your making your payments on time and you have no credit issues... it's possible to refinance at a shorter term as well, for example a 15 year mortgage. By doing this you will take chunks out of your principal every payment you make, making your negative equity evaporate to a positive position... WilliamAcres.com

As the other lenders state, you may now be able to refinance, no matter how under water your loan is, using President Obama's HARP program. Your loan does have to be owned by Fannie Mae or Freddie Mac. I can check this for you, or you can check it yourself by going to the Fannie Mae website http://www.fanniemae.com/loanlookup/ or the Freddie Mac websitehttps://ww3.freddiemac.com/corporate/ -- let me know if I can help. Marty Stern 707-364-4115

You are about to become the beneficiary of a great government loan program! The Home Affordable Loan Program (HARP) of 3/09 has been improved immensely. Initially, it allowed for a loan-to-value ratio [LTV (loan amount divided by fair market value)] maximum of 125%. Yours is 167%, so you can't qualify for the HARP program. The revamped version, HARP 2, begins in the next few months and has no LTV limit. As long as your loan was purchased by Fannie Mae or Freddie Mac, you can possibly qualify for this program. Give me a call 16/7, Jonathan, at 626-796-7712 or 626-644-2020 and I'll walk you through it. Also, click on my picture below and you will be redirected to our web site to learn more about me and my brokerage.