refi 2nd mortgage underwater

Main option: HARP. The main way to refinance your mortgage if you’re underwater is through a government program called the Home Affordable Refinance Program, or HARP. Most lenders offer this program through Fannie Mae and Freddie Mac. But there are specific requirements, including: Your mortgage must already be a Fannie Mae or Freddie Mac loan.

For borrowers considering a new mortgage or a refinance, waiting for lower rates would be almost "irresponsible," Walsh says. That’s especially true for underwater borrowers. if it’s a second home.

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For underwater borrowers, refinancing simply means getting a new mortgage to replace your old one with the goal of reducing monthly payments, lowering your interest rate, or changing your loan program from an adjustable-rate mortgage to a fixed-rate mortgage.

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Underwater Refinance of 1st and 2nd Mortgage – Ask Kate about an underwater refinance of 1st and 2nd mortgage with a bizarre twist: Kate, I purchased an investment property in 2003 for $60,000 cash. After finishing the renovations, I financed it through a major bank with an $80,000 Home Equity Line of Credit (HELOC).

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That condition, known as having an underwater mortgage, afflicts 38 percent of borrowers with second mortgages, compared to just 18 percent of borrowers without second mortgages, the. How to Refinance a Second Mortgage | LoveToKnow – Refinancing a second mortgage is typically much easier than refinancing a first mortgage and may result in a.

In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing & Urban Development (HUD) will begin providing an additional.

New underwater refinance programs to start Oct. 1 Two new programs for refinancing underwater and low-equity mortgages are due to launch Oct. 1. That means homeowners who owe more on their mortgage than the property is worth should have an easier time getting their mortgage refinanced into a better home loan .