Asked by
pat
|
Submitted June 08, 2014
I have decreased income and am lopsided on my mortgage. Do I have any options out there?
Answers | 1
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.
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.
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