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DanielaAllen · Joined: 07 May 2009 Posts: 1 1.43 Dollars($)

I want to refinance my house. I have 5 year ARM and my rates will change in few months. Unfortunately I owe more than my house value is. Because I'm never late on my payment, I don't have a PMI and my credit is great I was offered this new program /borrow up to 105% of the house value/. With this program and little cash to pay the difference I will be able to lower my payments and lock my interest with lower rares for 30 year fix. As a waitress my income isn't as good as before due to economy and this will help my to provide disaster in the future. But then I found out that my loan isn't service by Fannie Mae or Freddie Mac. It service by private investor. And I can't use this new program. I was offered hardship instead. Some people say not an option, some say take it. I don't even know what hardship is. Because i still have few months, is there any chance that government will come with some program to help people like me? Thanks

SSPINGARN · Posted: Thu May 07, 2009 10:58 am Post subject:

it is possible but call your mort co and see if they can convert you arm to a low 30 year fixed rate for free they might do it

adonis · Posted: Fri May 08, 2009 12:00 am Post subject:

Hi Daniela,

It is true that if your loan is not owned by Fannie Mae or Freddie Mac, you won't be able to get the benefit of the new program offered by the Obama Government. As you lender has offered you a loan modification. I think it would be a good idea to go for it. This program will help you in reducing your interest rates but increase your loan term.

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How to refinance my house when I owe more than my house value is?