| There are numerous questions regarding "underwater" | | | | loan. The process is generally quick & easy thanks to |
| mortgages, or people who currently owe more than | | | | the limited documentation and credit qualifying |
| their home is worth. Here is Quicken Loans' expert | | | | requirements, getting homeowners the relief they need |
| response on this topic. | | | | sooner. |
| Like so many others, I owe more than my home is | | | | Loan Modification - Depending on how far you are |
| worth, and even paying large monthly payments, the | | | | underwater, you could qualify for the government's |
| balance does not descend that much. At this rate I'll be | | | | Making Home Affordable program. There are two |
| paying this house off 'til I'm 158 - in 100 years. I'm too | | | | parts to this program. The first is a streamlined |
| old to start over again with a refi of 30 years; I could | | | | refinance program from Fannie Mae for borrowers |
| use a "reconstruct." Because my credit is not pristine, | | | | who owe more on their mortgage than their home is |
| the rates I can get are too high to help. Even the | | | | worth. If you're on time with your payments, you can |
| thought of selling in my home town with the balance | | | | get help with the refinance plus program. The other |
| owed and the improvements needed is ludicrous. Ideas | | | | option available is a loan modification from the |
| from an expert? Thanks! | | | | government. This option is currently available to |
| It's disheartening to hear from Americans who are | | | | borrowers who can demonstrate that they are at risk |
| doing everything right and still struggle to find relief. | | | | of defaulting. |
| Without knowing all the specifics on this particular | | | | Homeownership Preservation - There are several |
| situation, we can offer the following tips: | | | | additional options designed to help homeowners |
| FHA Streamline Refinance - People with an FHA | | | | protect the personal and financial investment they've |
| loan can refinance using a program called the FHA | | | | made in their home. These include Repayment Plans, |
| Streamline. This program can help people in an FHA | | | | Forbearance Plans, Modifications or even assistance |
| loan who owe more than their home is worth thanks | | | | selling your home. |
| to the no appraisal option. People who are underwater | | | | Hopefully one of these options can help our reader |
| can still refinance into an FHA loan with a lower rate - | | | | and the many other Americans who are in a similar |
| and they can choose either a 15-year or 30-year fixed | | | | situation. Help is out there. |