My mortgage is under water and nobody wants to refinance me. I need money for some repairs, do you have any ideas?

need money for some repairs, or mortgage modification

Asked by Lourdes Berrios

2 Answers

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Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hello Lourdes:

Your best option for a refinance if you are underwater is with the "HARP" refinance program through Fannie Mae or Freddie Mac. However a few points you should know - 1) There are eligibility requirements that you must meet with this and 2) This is not a "cash-out" program so you would not be able to pull out any equity from the property for repairs.

You talk to a few of the local banks and see if they have a home equity product for you. Another option may be to speak with a mortgage loan officer about a 203k rehabilitation loan. Otherwise, you will have to wait for your home to appreciate in value so that you can access the equity. | 04.21.15 @ 19:06
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 20:35
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hey Lourdes,

Chad has given you the mortgage options. Let's go outside the box and dig into some other "ideas"

Are you a business owner? What is your skill set? Are you able to invest in yourself? Maybe do some bartering;
Do the work yourself-bake some cookies, mow your workers grass, etc, in return for their materials, and/or labor,

Set up a Go Fund me Account and explain your situation with the proposed solutions:
https://www.gofundme.com/tour

We invite you to contact us directly to discuss further. No obligation

It's not what you make, It's what you keep that determines your lifestyle | 04.01.16 @ 22:54
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 20:35
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