Asked by pat  |  Submitted June 08, 2014

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

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  1

June 10, 2014

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.

$commenter.renderDisplayableName() | 01.24.21 @ 22:07