Mortgage Guru Help Please....

[DeeWill]

What are our options if any?

Currently in an ARM on our mortgage. We have been trying to refinance for a while now & mortgage company says they don't have any options. The problem of course is the fact that we owe more on the property then it's worth, no equity, no refinance. We tried for the loan modification which we did not qualify for because we don't have any income issues & are current on the mortgage.  We don't qualify for the government Help for Homeowners Assistance program because our loan is not Fannie Mae or Freddie Mac.  Does anyone have any suggestions on what we can do? I heard that FHA has something for upside down homeowners but I am not sure what it is or how it works.

Thanks for any information you can provide me...

[BrianB_The_Loan_Professor]

I am afraid it sounds like you have looked at every available angle - FHA doesnt have anything that will help

B

[DeeWill]

Thanks for your response.

So the FHA Short Refi for homeowners wouldn't work in my situation?  What about the NACA program? Just trying to explore all options.

Thanks!

[demi]

I don't understand why a FHA streamline wouldn't be the answer?

[BrianB_The_Loan_Professor]

If you can get your current lender to agree to take less than what is owed you could do a short refi - however I have never heard of this being done -

as far as the fha streamline only IF you have an fha loan can you do a streamline

B

[ShanetheMortgageMan]

All you have to do is get your lender to agree to do a short refinance without going late, and FHA programs will finance 97.75% of your home's appraised value, limited to the FHA loan limit in your county of course.  Not all lenders do the refinance of a mortgage being shorted, but more and more are.

[DeeWill]

Thanks Shane!!!

[ShanetheMortgageMan]

You are welcome.  The link below is to the FHA guidelines on short payoffs

http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.3.B.1.f