Financing in 33609>Question Details

Underwater In…, Home Owner in 33609

Am I eligible for Short Refi?

Asked by Underwater In Tampa, 33609 Thu May 10, 2012

I am upside down on my house by about $50,000. It's a Fannie Mae loan. I've heart short refi rules are changing. Would I be eligible for a short refi (GMAC is my lender) if I am not currently behind on payments but struggling financially?

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Underwater in Tampa,

The new Harp 2.0 program is perfect for you. As long as your loan was originated prior to 5/31/09 then it does not matter what the value of your home is. We are a national direct lender but I work here in Tampa and I would be happy to help you. Feel free to contact me at any time so we can schedule a time for you to come in.
1 vote Thank Flag Link Mon May 14, 2012
You might qualify for reduced payments thought some of the loan workout programs available right now, however as the other responders have replied that will probably reduce your interest rate and not the total due on the property. A short sale might be a possibility if you are struggling financially, and there are certain incentives that expire at the end of 2012 that I could make you aware of as well if you like.
0 votes Thank Flag Link Tue Jul 3, 2012
There are no short refi. The Harp2 program allows you to refinance even if your are underwater but does not lower your mortgage balance.
0 votes Thank Flag Link Mon May 14, 2012
I need more information, please call me
0 votes Thank Flag Link Thu May 10, 2012
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