Financing in 94568>Question Details

Agent Oso, Both Buyer and Seller in 94568

Home values lower than mortgage

Asked by Agent Oso, 94568 Sun Mar 21, 2010

My 5/1 arm will be due mid of this year and try to refinance and no lenders will help me refinance because of my property value less than my mortgage. I am not eligible for hardship because I am not late for my monthly payment yet. Currently I am with Bof A. Tried to call 5 times and nothing work.

Please advise

0 votes Share Flag Financing in 94568

Help the community by answering this question:


If fannie mae owns your loan, you can go 105% on DU REFI PLUS program.

Other than that, you are handicapped with finance options. Try for a loan mod.

Good luck.
0 votes Thank Flag Link Mon Mar 22, 2010
Agent Oso,

What type of 5/1 ARM do you have? You may have a loan that will adjust to a lower ineterst rate given our current climate. Take another look at your Adjustable Rate Rider in your loan packet to see what your Index is & how much margin is added to the Index to determine your final rate for th next year. Also, look to see if you have a "floor" for your rate. This is the interest rate that your loan will not go below.

Good luck, Agent Oso!

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Web Reference:
0 votes Thank Flag Link Sun Mar 21, 2010
Can you come up with some cash to bring down the LTV?

Web Reference:
0 votes Thank Flag Link Sun Mar 21, 2010
Thanks for all the answer. I appriciated it

My Mortgage is not under freddie mac or fanie mae.
My mortagage about125% above value.

Thats the problem, I am not in the trouble yet until the 5/1 ARM due in couple months and I try prepare.

Do you think, I can get another 5/1 ARM since I plan not to stay in the house more than another 5 years?
0 votes Thank Flag Link Sun Mar 21, 2010
You should understand that you are not alone. There are many people with the same circumstance at this time. First, you should find out if your loan has been sold down to Freddie Mac or Fannie Mae. You find that out by using the following two links and fill in the blanks and the site will tell you if your loan has been sold down. This will help determine if you may qualify for a Federal refinance or modification program. The Fannie and Freddie links are as follows:
Fannie Mae -
Freddie Mac -

I should also mention to be careful not to use punctuation marks. Once you have determined that your loan has been sold down to Fannie or Freddie, then check out the Federal programs known as Home Affordable Refinance Program and Home Affordable Modification Program by clicking the following link:

Click on each of the two programs (Refinance and Modification) and answer the questions. This will tell you if you fundamentally have a chance at getting the attention you believe you deserve prior to making that call to the lender. If you need more info, feel free to contact me.

Gary Civello
Owner/Broker/Realtor (DRE Lic # 01467034)
Ironhorse Real Estate Services
Tel # 925-939-2743
0 votes Thank Flag Link Sun Mar 21, 2010
If you can't refinance, did you try loan modification? You may not be in a hardship case, but you may be able to justify it by showing that property values have deflated based on comps.

And also get your property tax reassessed. Every bit of reduction in monthly payments helps.

Try speaking with an independent mortgage broker, too.

Take solace in the fact that you are not alone.
0 votes Thank Flag Link Sun Mar 21, 2010
Fannie and Freddie have a program where they will refinance above 100%

Check with other lender - BofA is not the best out there.
0 votes Thank Flag Link Sun Mar 21, 2010
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