tr31 Posted September 14, 2010 Report Share Posted September 14, 2010 Hello all,Hoping that someone might be able to give me some advice. We are currently in an ARM with a current interest rate of 6.25%. We've had this loan for a few years now and are now trying to refinance to a fixed rate loan.The problem is that we are now underwater on the loan. We owe about 198K with a home value of about 140K.Neither Fannie or Freddie own the loan, and we don't qualify for a loan mod due to the fact that our payment is not more than 31% of our monthly income.Is there anything that can be done??? Link to comment Share on other sites More sharing options...
2ndTimeAround Posted September 14, 2010 Report Share Posted September 14, 2010 .Payment less than 31% of your income, able to afford the mortgage, not behind, no hardship - what are your looking to do?Your have two options - send extra into your payments to pay the mortgage down, or wait till the value comes back up.. Link to comment Share on other sites More sharing options...
tr31 Posted September 15, 2010 Author Report Share Posted September 15, 2010 Looking to get out of the ARM before interest rates rise and I can't afford the payment anymore and end up in foreclosure. Link to comment Share on other sites More sharing options...
veteransadvocate Posted March 8, 2012 Report Share Posted March 8, 2012 Maybe see if refinancing to a fixed rate is an option? Link to comment Share on other sites More sharing options...
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