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Old 02-12-2009, 01:41 PM
 
Location: Casa Grande, AZ (May 08)
1,490 posts, read 3,341,972 times
Reputation: 1159

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So, news reports coming out now - of course lacking in many details, that Fannie/Freddie may begin to allowing refinancing WITHOUT having to be behind on the mortgage AND even if upside down in your loan.

I ve been calling for this for awhile - doesnt apply to me, but I really feel for those folks that are in either ARMS, or higher rate loans - BUT have been paying their loans as agreed. These folks have been unable to refinance because the home wont appraise for the owed amount. My belief is at least part of this new plan will allow for folks with good credit, and no late mortgage payments, will still be allowed to refi into the fixed, lower rates of today.

This is similar to the FHA streamline refi (that I am eligible for but have not yet taken advantage of) where as long as I am current on the mortgage, and the payments will be lowered as a result of my refi, current asset value is not taken into account.

If this true, its a great thing. It helps get many households get more money per month, it gets banks/mortgage brokers some fees, and most importantly will keep some people from just walking away from their houses!

Lets hope.
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