Need advice for Refi

RMTOhio

LoanSafe Member
We have been underwater for 10 years and still under by $40k. Just approved for refi loan but needed $90k down to get sufficient equity to close the loan--impossible for us. Have been paying all these years 9.1% on a second and 5.25% on a first. Our FICO scores are in the mid 800s but no one seems to be able to help us. I will retire in about three years at age 73 so time is running out. Anyone have any advice for us? It would be greatly appreciated.
RMTohio
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Hi RMTOhio,
There unfortunately aren't any products that I am aware of that will lend on a borrower that owes more than the home is worth. The program that used to exist was called HARP (For Fannie/Freddie backed loans) but is no longer available.

Your current loan servicer would be your best bet to go for a loan modification but they may not agree to that until you retire and can provide proof of the lower income being received.
 
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