Financing in 94015>Question Details

landrover603, Home Buyer in Daly City, CA

I have a conventional mortgage. NOT owned by Freddie Mac or Fannie Mae. My mortgage is UNDERWATER. So, far no one has been able to help. Any help???

Asked by landrover603, Daly City, CA Mon Mar 18, 2013

0 votes Share Flag Financing in 94015

Help the community by answering this question:


Well I may be able to do what is called a "short pay" refinance. That is where we get the lender to agree to accept a lower payoff than what is owed.
Let me know if you would like to consider that.
0 votes Thank Flag Link Tue Mar 19, 2013
Unless your current lender would be willing to modify your mortgage, or unless you can bring money to closing, then you are probably stuck right now. Currently the HARP refinance program permits certain loans owned by Fannie and Freddie to refinance regardless of value. FHA loans offer the streamline refinance. But nothing out there right now for those loans that don't meet these criteria

There is talk of HARP version 3.0 that may open up further possibilities, but so far nothing is approved or set in stone. Google HARP 3.0 for more details about the proposed changes, then keep your ears open for the actual rollout of this.

Sorry there's not more help right now. Best of luck!
0 votes Thank Flag Link Mon Mar 18, 2013
Thank you!
Flag Mon Mar 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer