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You will not be able to get your mortgage loan refinanced if your mortgage loan balance is more than the value of the house you want to refinance on a regular conventional mortgage refinance. There are a few lenders that would take this into consideration,but you must have a fannie mae or freddie mac backed mortgage. You should call your current lender to find out if your current mortgage is either fannie mae or freddie mac backed. They would know this. Once you have established that you have a fannie mae or freddie mac based mortgage, find out if the person you are speaking to is the servicer of the mortgage or if they are lenders. If they are lenders see if they will assist you with the refinance. If they are not lenders you would need to find a lender that is fannie mae or freddie mac approved to find out if they would entertain the idea of refinancing your mortgage. I hope this has been of some benefit to you, good luck. "FIGHT ON"

Source(s)

Goodle HARP,see if this might be of some benefit to you.

by loanmasterone

3 months ago

Asker's Rating: 

if rate is lower yes it is smart move unless they charge you too much. refi's are expensive so it takes 3-4 years to break even in interest savings.

by David Z- 3 months ago

Go talk to the lenders that are willing to at least talk with you. Usually, a 1% or more drop in the interest rate makes the deal worthwhile (depending on fees, and a few other factors, but 1% is a general rule of thumb), assuming you plan on staying in the house for at least 4 more years. However, their ability to re-finance may depend upon how far underwater you are, as there are caps on the fannie mae programs.

by Steve D- 3 months ago

Your only chance is with a FHA loan, under which current guidelines will allow such FHA refinance up to an amount of 125% of your current property valuation. Other than that, you can attempt a refinance with another lender, but chances of same are very slim.

by acermill- 3 months ago

I doubt any lender will let anyone refi for more than 80-90% of the home's value - definitely not for more than it's worth, and even then you would probably have to pay several $1000 in refi fees. If you have that much extra cash, pay teh mortgage balance down

by Doctor Deth- 3 months ago

The only programs that allow for more than 100% of the homes value are very specific. For the FHA you have to already have a current FHA loan. And for the Fannie Mae program you have to already have a Fannie Mae loan. And for Freddie Mac you have to already have a Freddie Mac loan. Look on your mortgage statement and it should say if you have a FHA loan. Go to this website to see if you have a Fannie Mae Loan. loanlookup ... I dont know what it is for Freddie Mac, but I'm sure there is a way out there. You can also check on your credit report to see what type of loan you have.

by cheeba0228- 3 months ago

Yes, the federal government program has a program to help people in unaffordable mortgages so that they can stay in their homes. It is not a bail out, but it is a way that buyers with little or no equity in their homes can refinance into a more affordable mortgage. You can still qualify if you are upside down as along as the amount you owe on your first mortgage loan does not exceed 125 percent of the current market value of your property. The current market value of your property will be determined after you apply to refinance. I've attached an article that discusses the other requirements to qualify. Good luck.

by researched it- 3 months ago