how to refinance underwater mortgage

Mortgage Refinancing Proposals: Defining the Objective – There are two basic problems a mortgage refinancing program can seek to address: About one-quarter of all mortgage borrowers are underwater, which means the outstanding principal balance on their home.

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How To Refinance An Underwater Mortgage – How To Refinance An Underwater Mortgage – Lower your monthly loan payments with easy and simple refinancing. You will get attractive refinancing options by changing the loan terms.

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Home Mortgage Underwater? Refinancing? Get These Great HARP Tips Here The Maddening Reason Freddie Mac Failed To Refinance Millions of Underwater Mortgages – The inability to get mass refinancings of underwater mortgages is one of the signature failures of economic policy of the past four years. In a fascinating and revealing story published by ProPublica.

When you owe more on your mortgage than your home is currently worth, you have a couple of refinancing options – either through your mortgage lender or a government-backed refinancing program. First, talk to your mortgage lender. Many lenders would rather refinance an underwater mortgage than risk a homeowner going into foreclosure.

Underwater On Your Home Loan? You Do Have Options – Your mortgage loan must be owned or guaranteed by Freddie Mac or Fannie Mae and you must be current on your mortgage payments. You also can’t have missed any payments during the past 12 months. And even if you do meet these requirements, lenders don’t have to approve you for a HARP refinance.

Loan Amount Too Big. Solution: Make it a cash-in refinance by bringing money in at closing to get the loan amount down to or below the conforming limit. This could also lower your LTV and land you a lower interest rate! Just make sure you actually want to stay in the house for the long-haul if you go this route.

HARP is available for all mortgage loans owned by Freddie Mae and Fannie Mae. HARP is designed for homeowners whose property values have dropped and now have an underwater mortgage. Allowing them to refinance your mortgage into a lower interest rate reducing monthly payments by hundreds of dollars per month. Or refinance from an adjustable-rate mortgage into a fixed-rate mortgage.

You must refinance into a loan with a lower interest rate unless you are refinancing into a fixed-rate mortgage from an adjustable-rate mortgage (ARM). Shop around for the most competitive mortgage rates and fees and make sure to check with your current servicer.

7 Secrets to Refinancing an Underwater Mortgage – 7 Secrets to Refinancing an Underwater Mortgage 1. You May Be Eligible Now, Even if You Didn’t Qualify Before. 2. Educate Yourself Without Driving Yourself Crazy. 3. Understand That Not All Lenders Use the Same Guidelines. 4. Don’t Take "No" for an Answer. Lenders may have told you that you don’t.