Posted on: 19th Apr, 2012 11:39 am
is there a bank out there that will refinance average person? it seems everywhere you turn there are refinance options only available to people with upside down mortgages or with gov't backed (fannie or freddie) mortgages. what about someone like me! my wife and i owe more on our first and second mortgages than our home is worth (by about 10-15k), thanks to all those who caused our home values to go in the tank. my wife and i have good credit, we have never been late on a mortgage payment, or any payment for that matter, we both have good solid jobs, and we are not in a hardship situation. we simply want to take advantage of the low interest rates and refinance our two mortgages into one, possibly for less years than our current 30 year mortgage.
it just seems that people like us who have done and continue to do everything we are supposed to can not benefit from all the programs and things out there because we are not a hardship case or because we don't have a gov't loan.
does anyone out there know if there are any programs or banks out there for people like us?
it just seems that people like us who have done and continue to do everything we are supposed to can not benefit from all the programs and things out there because we are not a hardship case or because we don't have a gov't loan.
does anyone out there know if there are any programs or banks out there for people like us?
If you have a loan owned by Fannie Mae or Freddie Mac, then you may qualify for the HARP 2 program. If not, you can take some cash to escrow and refinance your loans into one payment. Good luck
Hi milsb!
Welcome to forums!
Chris is right. You should contact your lender and apply for HARP 2. If your lender participates in that program, then you may get some assistance. To know more about HARP 2, check out the given page: http://www.mortgagefit.com/blog/harp-newguidelines/
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Chris is right. You should contact your lender and apply for HARP 2. If your lender participates in that program, then you may get some assistance. To know more about HARP 2, check out the given page: http://www.mortgagefit.com/blog/harp-newguidelines/
Feel free to ask if you've further queries.
Sussane
Thanks for the responses. It appears from your info that there is not really anything i can do because my loan is with Bank of America and is not backed by Fannie or Freddie. Like I said, it appears only those with Fannie or Freddie loans are getting any options!
Tough luck, milsb!!