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Dmwpsu, Home Buyer in Orlando, FL

I have a friend who owes 152K on house worth 109K. Having trouble paying mortgage. Told she can't refiance. Difference too big

Asked by Dmwpsu, Orlando, FL Sat Mar 17, 2012

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Sylvia Paul’s answer
First of all, let me commend you for looking out for your friend's best interests. I hope she knows how lucky she is to have a friend like you! In situations like this, many people are too paralysed or too overwhelmed to seek help. Kudos to you. There are a number of options for your friend. You can investigate these options on your friend's behalf (at your own leisure, and in your own time) by logging on to:

If your friend would like to pursue any of the options there, I would be happy to guide her in making the right decision. Feel free to call me at 407-864-3139, or email to:
for a free, confidential consultation.

There is a way out, and as a Certified Distressed Property Expert (CDPE), I can help.

Sylvia Paul
Realty Center
1 vote Thank Flag Link Sat Mar 17, 2012
If your friend's refinance or a loan modification has been denied then there are still other options. You can go to my website and get additional information.

Jesse Carriedo
RealtyCity Inc
0 votes Thank Flag Link Sun Mar 18, 2012
Go to There may be some help for you. A mortgage professional would be the best person for you to ask advice. There are brand new programs that may help your friend out.

Best of Luck to you.
0 votes Thank Flag Link Sat Mar 17, 2012
The first step would be try a loan modification. Be very careful because modify in their favor not the homeowner's favor. Unfortunately, 80%-90% on loan mods do not work out for the home owner. 2nd option is to do a short-sale and that is where I can help her with the short-sale. I specialize in handling short-sales for sellers and buyers. Please let me know how I can help.

Happy St. Patrick's Day!

Scot P. Hartwell, P.A.
ABR - Accredited Buyer Representative
SFR - Certified Short-Sale Foreclosure Resource
Cell: 407-791-8466
0 votes Thank Flag Link Sat Mar 17, 2012
If she can't do a loan modification (have her check with her lender) then she could possibly do a short sale. Have her contact a local Realtor to assist her with this.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sat Mar 17, 2012

There are many options; your friend may consider completing a Short Sale where you can sell your Home for less than its worth and you owe. There would be terms between Bank and Borrower; however, it may be a process to consider.

James Williams III
RE/MAX Premier Properties
0 votes Thank Flag Link Sat Mar 17, 2012
They need to contact their bank, they should ask for the home retention department and see what they can do in order to help. The bank can lower their interest rate or even forgive some of the underwater amount.
Web Reference:
0 votes Thank Flag Link Sat Mar 17, 2012
There's options..Have her contact her bank or a mortgage lender find out what type of loan she has. If the loan is FHA then she can refinance through the FHA Streamline program, but if it''s with Freddie or Fannie then she would refi under the "new" HARP program.

Good luck!

Jos Hernandez, sfr
Coldwell Banker
0 votes Thank Flag Link Sat Mar 17, 2012
Best talk to the lender. If the lender will not exercise any of the option out ther that will keep the owner in the home, then I can help with a Short Sale if the Oner is in a ' Hardship' situation
have a look at
0 votes Thank Flag Link Sat Mar 17, 2012
She can try to modify the mortgage. She should first look up her home on to see if she qualifies for a HAMP modification. If not, then she should contact her bank directly and see what can be done. Some banks will reduce the interest rate for a period of time to let her get back on her feet. She can also look into a principal reduction, another modification tactic. Finally, if all that fails, she can sell the home as a short sale. the same website will tell her whether she qualifies for a HAFA short sale, which will provide her with $3000 for relocaton expenses.

Underwater home owners DO have options in this economy, you just have to dig a little bit to find them.
0 votes Thank Flag Link Sat Mar 17, 2012
Sorry, but there is no question here. Did you want to ask something?
0 votes Thank Flag Link Sat Mar 17, 2012
Question is: I have a friend who is having trouble paying mortgage but she cant refinance because the difference between what she owes on her house and what her house is worth is too big. What can she do?
Flag Sat Mar 17, 2012
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