What are my options if I have a conventional loan that is not owned by Fannie or Freddie that is underwater?

Really nothing right now.. If you're a VA veteran, you can finance up to 100%.. FHA allows for 97.75%, but with mortgage insurance.. You can try to reach out to your current servicer, but it's probably a wasted phone call... Then there's HARP 3.0.. Nothing solid yet, and it may never happen, but the proposal is for another refinance plan for "All other borrowers" who have not been able to take advantage of today's rates using existing programs... Stay tuned.. More info to come later.. 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

You have a Conventional loan so if Fannie and Freddie don't apply you should call your servicer and check to see if they have any programs available for you. JacobJacob Cole Haddan - Mortgage Broker/Banker MAC5 Mortgage Inc. |www.mac5mortgage.com| 225 Union Blvd. Ste. 350 | Lakewood Co. 80228 | Direct/Cell: 720.210.7898|Home/Magic Jack 305-848-8255 |Toll Free: 866.606.MAC5| Fax 866.426.2203 Regulated by the Division of Real Estate NMLS#232061 Colorado LMB# 100007576CLICK HERE for my online applicationhttps://secure.web-loans.com/security-logon.aspx?timeout=1

It depends on if it is truly underwater. There are lenders that will loan up to 95% of the value of the home for conventional and 97.75% for FHA. Otherwise you can contact your current lender and see if they will help you.

If you have an FHA, VA or USDA loan then you could possibly do a Streamline Refinance. If not then hopefully HARP 3.0 gets passed soon, then that program should be able to help you.

If you are truly underwater then your only option would be to look at doing a loan modification with your current lender. That is assuming that you really are not owned by Fannie or Freddie.

Unfortunately not much at this time.

There is talk about a special program that may come out later this year for your situation that will have a net effect similar as if it was owned by Fannie Mae or Freddie Mac. There is not diffenite timing or if for sure it will happen, I have several clients waiting. The only current option today is to pay down your current balance with savings. What many client who have chosen this option are doing is to use the monthly savings to replenish their savings account with the use of the monthly savings the refinace is giving them.Good luck. Feel free to contact me directly if you have further questions or would like your specific situation analyzed. Dave Kosmecki 763-519-1100.

It's been kind of put on hold because of the Fiscal Cliff and Gun Policies, LOL Hopfully they get on it soon.

It has not been annouced if and when.

It has not been announced if and when. David is correct to my knowledge.

I did more research also check out Obama's new MyRefi program he is trying to push through. Email the white house and let them know you suppor this bill also share on all social media outlets. Cut and past this to get more info direct from the white house. http://www.whitehouse.gov/infographics/refi-five-things

THERE is a alternative solution for you, but i need more details.. You can email me privately at yourloanpartnerforlife@live.com i need to know your servicer/ bank, and size of your loan, are you current ?? linda