Need advice for Refi


LoanSafe Member
Dec 3, 2008
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.

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
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.