Re: Underwater mortgage & seeking advice.
09-28-2012 12:52 PM
webhopper wrote:Look at doing a HARP refinance... if you are current on your mortgage, and your mortgage is backed by Fannie Mae or Freddie Mac, you should be able to refinance to a lower interest rate. Keeping the condo and renting it out seems like a good option, if the rents in the area are comparable or more than what your note will be after the refi. If you rent it out, you can sell it later on, or just keep it as an investment property. Maybe even let your kids stay there if they go to that university for school.
I would start looking at a HARP Refi immediately.
Unfortunately my loan is not backed by Fannie Mae or Freddie Mac. Checked in to that when I contacted Chase, and they confirmed that information.
Going to update my OP with that info.
Thank you for the suggestion though.