Property Q&A in 95742>Question Details

Tiffany2006, Home Owner in 95742

Underwater in a home we bought in 2010

Asked by Tiffany2006, 95742 Mon Jun 25, 2012

We bought our first home in 2010 for 220K, we currently owe 209K. However the market value (based on BOFA and Zillow) is about 175K -202K. We would like to refinance our home for a lower interest rate and lower our monthly bill. Our mortgage went up $100 this past year because of our property tax.

We use to make all our payments on time, but have found ourselves coming up short each month and incurring a late fee. I tried talking to my mortgage company about setting up bi weekly payments. But was told that in order to do that I had to pay $500 fee first.

What are options that are out there. We contacted Quickenloans in April, but were told that it wouldn't be a smart idea to refinance, if we were only going to live here a few more years.

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Answers

2
If your loan is a Freddie or Fannie mae you can do a HARP loan and lower the interes rate up to 165% LTV and no you should not have to pay a upfront fee.

Dawn Meigs Legacy Mortgage and Real Estate.
0 votes Thank Flag Link Mon Aug 27, 2012
Tiffany,
Hello
sorry to here that you are having challenges with your mortgage.

You do have options and shouldn't have to pay a $500 fee to get to them.

Please call or email when you have a minute and we can walk through some that
might benefit your family.

Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
CA DRE 01872795
0 votes Thank Flag Link Mon Jun 25, 2012
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