Asked by Lourdes Berrios  |  Submitted April 21, 2015

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

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  Answers  |  2

April 21, 2015

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.

$commenter.renderDisplayableName() | 07.27.17 @ 18:43

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April 01, 2016

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

$commenter.renderDisplayableName() | 07.27.17 @ 18:43

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