Has anyone had succes refinancing an underwater mortgage? My wife has a mortgage on the home she owned prior to our marriage (we live in the house I have . She's been underwater for quite some time now, but always on time and always in full on payments. She owes about $115k. I think the house would be appraised at 86k+.
As the article points out....the trick is finding the lender willing to do so. Any recommendations?
Comments ... #
If your loan is owned by FNMA or FHLMC your chances are pretty good. You can check on the links below. Appraisals are usually not required. A lot of lenders limit the program to 105% of appraised value but the company I work for will go as high as 150% for the first mortgage. If you have an FHA loan, streamline refinancing does not require an appraisal so being underwater may not matter. If it isn't owned by one of these it probably won't happen.
If I can answer questions let me know.
https://www.knowyouroptions.com/loanlookup
https://ww3.freddiemac.com/corporate/
Login or create an account to post a comment.