I have decreased income and am lopsided on my mortgage. Do I have any options out there?

Asked by pat

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Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Pat:

Yes fortunately you do have some options. If you are looking to refinance, the first option I would recommend is to look into the HARP program. This is a Fannie Mae / Freddie Mac program that was specifically designed to assist borrowers who are underwater on their mortgage. That said, you will still have to qualify on income but a competent loan officer will be able to assist you with that. Perhaps adding a co-borrower will help you qualify since you can use their income. You can also look into a possible loan modification if a refinance is not feasible.

I hope this helps. | 06.10.14 @ 16:09
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 02:06
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