We are upside down in our mortgage. All's we want is a lower interest rate. Can anyone help?

Asked by Colin, Tucson, AZ Tue Dec 13, 2011

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Hans Bruhner’s answer
Hans Bruhner, Mortgage Broker Or Lender, Sebastopol, CA
Tue Dec 13, 2011
A loan modification is not necessarily your only option. We have loan programs called HARP and we are working towards HARP 2.0. Right now we have loan programs that will work on homes up to 125% loan to value (LTV). The loan needs to be owned by Freddie Mac or Fannie Mae and there are some other rules as well. You may not know if Freddie or Fannie own your loan and who you pay your mortgage to is no indication of who owns it.

On the new program that is being rolled out, LTV is taken out of the equation and there are other changes but as I said, the rules are still being digested by the industry so we can implement them

I am in Sebastopol and can help you directly at (707) 887-1275 or http://www.AskTheLoanMan.com.
1 vote
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Tue Dec 13, 2011
This is a typical example of REAs incorrectly answering a mortgage question. You would have done better with the common REA response "Call me, I will put you in touch with a great lender or call .... he/she has helped a lot of my clients." If Hbruhner did not respond, you would have done a tremendous disservice to Colin.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Dec 13, 2011
To get a lower interest rate, you should contact your bank, ask for the loan retention epartment and ask for a loan modification to lower your interest rate and payment. Now you are not just entitles to this, you need to show them you have a hardship, that you can no longer afford the payment yiou are at, some other reasons are loss of change, marriage, death, sickness, birth, divorce or relocation. There is no one you can pay that7 can do a better job than you calling your bank directly.
Web Reference:  http://www.ScottSellsNH.com
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