Asked by
pat
|
Submitted June 08, 2014
I have decreased income and am lopsided on my mortgage. Do I have any options out there?
Leave Answer
Sign in to MoneyTips
Forgot Password
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.
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() | 12.06.19 @ 20:58
{comment}
-
Upvote 0
Related Questions
Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD
Gina: The answer you received from Nic is correct. Another term you may hear is...
Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD
Jamie: Thank you for your inquiry. DTI is determined by taking whatever secured...
