Does anyone know about this? I heard if you bought your house before the housing market crash, and your mortgage is now way upside down, you could refinance at a really low rate like 4 percent. Our mortgage is about 70 to 80k more than it is worth.
I used to sell real estate - I would like to say yes - but I don't know for sure. I would call your mortgage company and ask them is there anything that they can do. If they can't call another mortgage company - or even a credit union. Depending if your original realtor is still in business - they may know someone that can help you too. Good luck - I know it's awful out there.....
We r doing this. I heard about the 'Making Affordable Home Refinance Program' (thanks Obama). If your home is serviced by Freddie Mac or Fannie Mae, you should be able to refi without getting your home appraised. We are in the process of doing this now. Go to the website and read all the FAQ questions for details, they also have a part where you can see if your home is serviced by them (it's NOT the bank that you pay your mortgage to, that doesn't matter). From there, I called our Mortgage company our bank had a special # on their home page on the website for HARP) and sat on hold for over an hour (I work at my desk all day so I knew I could out-wait them). Keep telling them you are interested in HARP and want to refinance. Make sure you refer to, and look at the REFINANCE section, NOT the Home Affordable Modification program, that's for people who are behind on their mortgage already and will affect your credit negatively.
http://makinghomeaffordable.gov/
good luck
It would be well worth it for you to check it out and see if they can do anything for you. We just did a FHA Streamline loan and we didn't have to get the house appraised. We saved just over $100 a month in our house payment. Of course, we already had a FHA loan and the streamline just assumes the loan you have know. I am not sure if you have a Republic Mortage in Idaho but that is who we went through here in Utah. Good luck in finding out if it will work for you.
We get this stuff in the mail all the time. I've called a couple of times, and it really sounds like a great deal. We don't qualify because we just bought our house. Funny we're on all the mailing lists. I agree you do want to actually refinance. I keep up on that mail in getting it out of the house, but if I get any more, I'll try to find your post and give you the company's information. It's pretty generic. It's not like you would need to be the one that received the letters. I'm very grateful how things worked out for us. We almost were unable to sell our last house, and it's now worth half of what we sold it for. I can't imagine the pain and frustration of your position. I hope you can get it worked out soon.
Marci,
It depends on who owns your current mortgage. If you want give me your address and i can look it up and see if your home qualifies.
I am a mortgage broker in CO but my company is also licensed in Idaho.
No strings attached/ no pressure etc. I will look it up and guide you to what your options maybe.
I'm a mortgage loan officer and yes you could possibly refinance your home if freddie mac or fannie mae own your mortgage. Attached are their websites to see if they own your mortgage: http://www.fanniemae.com/loanlookup/, https://ww3.freddiemac.com/corporate/. It is a great oppurtunity to take advantage of the great rates that currently exsist even if you are upside down in your home. I'd love to help you but my license is only in Utah. Good Luck!
