Underwater mortgage
We are currently underwater with our mortgage/home value, although we paid $115K down on the property in 2004 (total cost incl. upgrades $542K, current zillow estmate approx. $400K, loan 427K). My original lender was sold to another company that went bankrupt in 2008 and now SPS is collecting for an "investor" (basically in a repackaged mortgage backed security). My credit is not so good because I paid a few times 30 days late and no one wants to refinance because it is not a FHA loan. Can I have a loan with the primary borrower my wife, who has good credit - above 700- and me as co-signed (644 score) that will cover the refinance? She is a homemaker, we have also rental income. Income wise we would qualify if we find a lender. We are currently at 5.75%, refinancing @ 3.75% would save ate least $377/month. by benne._127_848 from Oceanside, California. Sep 19th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Under HARP 2.0, you can refinance even if you're in negative position, but you do have to qualify.. if your loan is owned by Freddie/Fannie, and your loan was initiated prior to May 31, 2009, then you might qualify, however with the late payments on your credit, it might be tuff... all conventional loans are run through an automated underwriting system to determine eligibility... if the DU/LP results are not an approval, you can't get a loan... It's also possible, that even if you don't qualify now, you might in the future.. HARP 2.0 is due to expire December 2013, so there's still plenty of time to work on your credit... As far as adding your wife and you cosigning, that won't work either. The automated system looks at all borrowers not just the good one's... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Zillow can be very far from the truth. I would get with a local lender to have them take a look at your situation and advise you accordingly. Best Of Luck!
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
first, is your lates your mortgage or credit cards? and zillow is not the place to get value... if you want , you can send me your address and i will send you back a property analysis.. linda yourloanpartnerforlife@live.com
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