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SpinDistribute.com Article Directory

The following article was published in our article directory on July 29, 2011.
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Underwater Refinance - What You Should Know

Article Category: Finances

Author Name: Dennis T. Johnson

Homeowners who are underwater in their home loans or mortgages can take advantage of the different underwater refinance options available. A homeowner becomes underwater when the balance of the mortgage is higher than the value of the property. This position is also referred to as "upside down" and as a result many homeowners resort to selling the home for less than the loan value. However, there are other solutions and some financial institutions are willing to work with clients who are underwater by offering a refinance. The type of loan and payment scheme used for a refinance will be dependent on the borrower's preference and the bank's approval.

There are several underwater refinance programs available through the government, through their Making Home Affordable program. One is HARP or the federal Home Affordable Refinance Program which offers qualified homeowners the option to refinance a loan that is from 105 percent to as much as 125 percent of the home value. To qualify for this loan you must have no delinquent payments for the past twelve months and the loan must be guaranteed by either the Fannie Mae or Freddie Mac. Your approval for this loan will depend on a number of factors such as payment history, credit score, state of the current loan and specific lender guidelines.

Another underwater refinance program available is the Home Affordable Modification Program or HAMP. This loan is offered to borrowers who are not only underwater in their mortgage, but have missed mortgage payments. To qualify for this type of loan you must prove that you are undergoing financial hardship that may put your mortgage in danger of default. The mortgage must also be guaranteed by Fannie Mae, Freddie Mac or any other type of loan that is guaranteed by the US Treasury. To encourage lenders to offer HAMP to their borrowers, the government provides incentives of up to $1500 to creditors that offer this type of loan modifications. However, approval would still ultimately be up to the lender.

If you do not qualify for any of the aforementioned underwater refinance programs being offered by the government, you may choose to short sell your home provided that there is a small difference between the sale price of the house and the mortgage amount. If it has been determined that the homeowner will still end up owing money to the bank even after selling his property, he can just opt for a foreclosure instead. In reality, there are only a limited number of underwater refinance options available to the homeowner so that it is still best to try to avoid finding yourself in an upside down position by purchasing a home you can actually afford and just try to learn to live within your means whenever possible.

Keywords: underwater refinance, underwater refinance options

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