U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-18-2012, 12:49 PM
 
10 posts, read 25,559 times
Reputation: 14

Advertisements

I have a home I love and paid $200k for in early 2007 @ 6.125%. According to Zillow it now is worth about $127k. I've looked into refinancing but I'm told I don't qualify because I owe too much, make too much money, and have no other debts. My mortgage lender went under so now Freddy Mac has the loan and these people go to extremems to avoid talking to me. Their email said find a lender and make a new loan but because of aforementioned facts no one wants to consider a loan. My balance is around $185k and I earn more than $100k/year. My home is worth what I owe to me but I feel like I'm being punished by not being able to get a loan @ a lower % rate. Even if I put another $20k down it doesn't matter to lenders. Are there any options at all for people in my position rather than walking away and letting my fellow tax payers take the hit through Freddy Mac?

Last edited by fdkirkland; 04-18-2012 at 12:57 PM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-18-2012, 12:54 PM
 
1,232 posts, read 2,866,883 times
Reputation: 672
Have you contacted other mortgage lenders?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2012, 12:56 PM
 
Location: Hard aground in the Sonoran Desert
4,866 posts, read 9,738,448 times
Reputation: 7050
I just did a refinance under the Harp 2.0 program and I am more underwater than you are (owe $230k, Zillow says worth $150k). The loan has to be a Freddy/Fanny which it sounds like yours is. Have you inquired into a HARP 2.0 refi???

My entire refi took less than two weeks and cost me nothing out of pocket, no appraisal required, dropped my payment by several hundred dollars and got a much better interest rate. I went through a local broker who offered me a 5.0% rate (I already had a 5.85% rate) so I called Quicken Loans and they got the loan done quickly and got me a 4.45% rate which is about the lowest you can get with a house underwater like ours are.

I'd be happy to send you the contact information for the Mortgage Banker I used if you shoot me a DM.

Last edited by LBTRS; 04-18-2012 at 01:04 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2012, 12:56 PM
YAZ
 
Location: Phoenix,AZ
7,203 posts, read 12,567,934 times
Reputation: 6519
They wouldn't touch us either.

We'd have to put another 40k in cash to be able to re-fi.

Guess we should've bought more house than we could afford......like everyone else, eh?

Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2012, 01:01 PM
 
Location: Hard aground in the Sonoran Desert
4,866 posts, read 9,738,448 times
Reputation: 7050
Quote:
Originally Posted by YAZ View Post
They wouldn't touch us either.

We'd have to put another 40k in cash to be able to re-fi.

Guess we should've bought more house than we could afford......like everyone else, eh?

Have you checked with the new HARP 2.0 which just came out last month?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2012, 01:03 PM
 
Location: Casa Grande, AZ (May 08)
1,673 posts, read 3,809,138 times
Reputation: 1389
As LBTRS says - if you are Fanny/Freddy you really should look into the NEW HARP program. This is the program that originally you could only be underwater by 25%, but now there is NO CAP on how underwater you can be. I ve read on several other boards that many people are successfully refinancing under this program (one of the few programs that is really working!).

Although I didnt participate in this program (I got a modification under another bank program), I like this one because it helps people that HAVE STILL BEEN paying even though upside down and Im hopeful it will keep some people from strategic default.

SO, make another call if you have a Fannie/Freddy backed loan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2012, 01:05 PM
 
1,232 posts, read 2,866,883 times
Reputation: 672
That new HARP refi is available to people NOT underwater, too.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2012, 05:45 AM
 
Location: Phoenix, AZ > Raleigh, NC
16,917 posts, read 22,031,710 times
Reputation: 28286
And getting your values from zillow and its zestimates is worthless. You need to look at what similar homes in your neighborhood have sold for - and the lender will demand a full appraisal anyway.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2012, 08:25 AM
 
Location: Richardson, TX
11,818 posts, read 18,931,165 times
Reputation: 30922
Yes, yes, what everyone said. Call an experienced mortgage loan officer and apply for a HARP refi. Making too much money cannot disqualify you.

It sounds like you were talking to the loss mitigation department about a loan modification, not to the sales department about a refinance.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2012, 10:33 AM
 
1,232 posts, read 2,866,883 times
Reputation: 672
The 'streamlined' version of the new HARP refi doesn't even require an appraisal. I'm not sure what the qualifications are but they have a checklist they walk you through.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top