Re: Underwater mortgage & seeking advice.
09-28-2012 08:44 AM
For modifications those my have adverse affects to your credit so i would definitely make sure you seek all other options because you try those. Especially if you can afford the loan or very credit orientated. Depending on your loan you qualify for the government refinance program called harp for fannie and freddie loans.
15 years ago I had very poor credit (college age w/ a $11k limit and no realy concept of credit). I have since repaired that, and the past three years I have kept credit usage to a minimum (no balance on my two credit cards, and then one purchase with no interest for 18 months, paid it off in half the time).
For the federal refinance program, my mortgage is not backed by Fannie or Freddie Mac. I have contacted my lender, as well as looked at Maryland state information. I was referred to the Maryland Hope Organization, which then referred me to a local housing organization, but I do not think I meet their required qualifications, in part because I am current on payments.