Home Buying in Germantown>Question Details

mgravina64, Home Owner in 20871

Can I refinace my condo even if i ma under water?

Asked by mgravina64, 20871 Wed Dec 26, 2012

I checked HARP but my loan is not owned by either Fannie Mae or Freddie Mac. My interest rate is variable. Anyboyd has na advise?

Help the community by answering this question:


Your only choice is to speak to your current lender. No outside lender is going to refinance you under water. None. If you don't get the answer you like, try different people, don't give up they REALLY should help you. But often times they don't for some reason. I would raise hell with them and discuss writing to the media and members of Congress to highlight your situation. Make sure they know you aren't giving up, you aren't going away easily. And take good notes each time you call so you have all details easily accessed. Hope this was helpful and good luck. One last question. How do you know the loans aren't owned by Fannie or Freddie. From the website or did your lender tell you that?


Brent Mendelson
1st Mariner Mortgage
2 votes Thank Flag Link Wed Dec 26, 2012
Yes from the web site. Thanks for the advise. It is ashame that I cannot get help since I am current and I want to keep the condo. Thanks again.
Flag Wed Dec 26, 2012
I would check with the bank that you are with and see if it is possible. That is your last possibility. Luckily home prices are on the rise across the country. I hope for your sake your area is rising too.
0 votes Thank Flag Link Sun Mar 10, 2013
Hello MGravina 64,

Highly unlikely. like Brent mention below talk to your current lender to see if the can at least make it a fixed rate with very low interest rate. This would help your payment significantly.

good luck
0 votes Thank Flag Link Wed Dec 26, 2012
Hello Mgravina,
It's highly doubtful that you will be able to refinance your condo if you owe more than what the current value is. I suggest that you contact a reputable lender to inquire as they can answer your question best and be able to tell you what factors are involved in refinancing.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Mgravina,

Your question would be best directed to a good local lender. I recommend Pete O'Donnell at First Home Mortgage 410-299-2043. There is no obligation to use his services but he is always happy to answer questions and he is extremely knowledgable. Best of luck.
0 votes Thank Flag Link Wed Dec 26, 2012
Flag Wed Dec 26, 2012
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