Posted on: 31st Mar, 2010 04:42 pm
hello,
i have a jumbo loan that was purchased with a 5 year intrest only arm which will adjust in august of this year. my husband and i have good credit and are not behind in our payments, but our home is now worth less than our mortgage. i have tried in the past to refinance so that we can lower our rate and began paying towards principal but was always turned down because of the jumbo loan or the loss of value to the home. my question is will the new loan reduction program apply to me? nothing else has. and how can i increase my chances of finnaly being able to refinance my home and take advantage of the lower interest rates. we owe 739,000 on a fist and 2nd motgage it is becoming increasingly difficult to keep up the payments.
sharon
i have a jumbo loan that was purchased with a 5 year intrest only arm which will adjust in august of this year. my husband and i have good credit and are not behind in our payments, but our home is now worth less than our mortgage. i have tried in the past to refinance so that we can lower our rate and began paying towards principal but was always turned down because of the jumbo loan or the loss of value to the home. my question is will the new loan reduction program apply to me? nothing else has. and how can i increase my chances of finnaly being able to refinance my home and take advantage of the lower interest rates. we owe 739,000 on a fist and 2nd motgage it is becoming increasingly difficult to keep up the payments.
sharon
Hi sharon!
Welcome to forums!
As your property has lost it's value, you won't be able to qualify for a refinance. The lenders will refinance your home loan only if you have equity in it. As far as the loan reduction program is concerned, you will have to speak to your lender and check out if he can offer you a loan reduction.
Sussane
Welcome to forums!
As your property has lost it's value, you won't be able to qualify for a refinance. The lenders will refinance your home loan only if you have equity in it. As far as the loan reduction program is concerned, you will have to speak to your lender and check out if he can offer you a loan reduction.
Sussane
In what state and what county is the property? The intent of this question is to determine if the property is in a designated high cost county.
The combined amount of the first and second mortgages is $739,000. What is the balance of the first mortgage?
The combined amount of the first and second mortgages is $739,000. What is the balance of the first mortgage?
