Q&A: Is there going to be a program to refinance underwater homes that are not fannie Mai?

Posted on Sep 11, 2024 in HARP Refinance

A few nice chateau pictures I discovered:

Château de Chabassière
chateau
Image by la grosse mymy
Château de Chabassière: la première chose que l’on voit du château en arrivant: c’est plutôt impressionnant !
C’est un château privé aujourd’hui en ruine sur les hauteurs d’Aubusson. Il a été incendié durant l’été 2006 il est en indivision depuis au moins une trentaine d’années.

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Question by Raj: Is there going to be a program to refinance underwater homes that are not fannie Mai?
I put down 20% down deposit at the time of purchase. I have excellent credit. I have never missed a payment. My interest rate is pretty high. I have tried to refinance with the bank to take advantage of the low rates. The bank flatly refuses to do so because it is underwater. If there was a program for the Fannie Mai, dosage why has there been not a program for conventional loans that are not under this criteria.It feels like we are being penalised.

Best answer:

Answer by Spock (rhp)
sure there’s a program … you pay the difference between the amount owed and 80% of the current value in cash.

no, viagra there otherwise won’t be a program. the people who own your loan [which isn’t the bank you deal with, the bank is merely their agent] have zero interest in anything other than receiving the scheduled payments you promised or foreclosing on the house and selling it for as much cash now as they can get.

who are these people? most such loans are owned by either an insurance company or a pension plan — yup — that’s your money they invested in your house and if they collectively don’t get it back, you don’t get your promised benefits, either.

in the case of FNMA loans, the government is buying votes by giving away some of the substance of the existing loans and sticking the bills on the taxpayers. are we taxpayers mad about this? you BET we are.

Know better? Leave your own answer in the comments!