Question by schatziepupos: Is there a program for home owners who are now underwater on their mortgages?
I did a refinance on Our home with an appraisal of 235k now My home is only appraised at 153-165k.
Best answer:
Answer by Judy
The government can contact your current mortgage holder and see if something can be worked out.
You may be able to re-fi and they could cut down “forgive” “forbearance” of some of your amount.
It’s worth calling them.
It’s a free service by the feds – HUD.
http://makinghomeaffordable.gov/
Also try hopenow.com – its practically the same thing – just an older website
They may be easier to contact by phone since the first site is kind of new.
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only through your lender but you may be too far gone to help. Hang on the market will come back
Making Homes Affordable may be a possibility for you. Are you having trouble with the payments? If your problem is just that the value of the home is less than you owe, you’re pretty much stuck with it. The program, as any modification program, is for people who can’t pay the mortgage, not just people who are unhappy with the current value of the home vs their mortgage balance.
Call your lender and ask about it. Only your own lender can modify your loan. BofA can’t do anything about your Wells Fargo loan. The companies that offer to help you with this will charge you to do what you can do on your own. There are guidelines and you either fit the program or not. Don’t waste your money on them.