• Recent News
  • Refinancing an Underwater Jumbo Mortgage in 2010

    With all of the fluctuations of the real estate market lately many people are finding themselves owing more on their mortgages than what they would be able to sell for, this is known as being underwater. Some estimates conclude that more than 21% of homeowners are upside down in their homes. The Obama administration is trying to help homeowners and introduced a program called "Making Homes Affordable". Most homeowners assume that these programs are not for them, however there are several programs out there so if your underwater on your mortgage it would be wise to check into all of the programs available. The "Making Homes Affordable" program has the following criteria:
    Your Mortgage is equal or less that $729,570


    You are having trouble paying your mortgage. You’ve had a reduction in your income since you got your loan, or
    you’ve had a increase in your mortgage payment, or you have suffered a hardship that has increased your

    What state are you in? Please select an item.

    Behind on your mortgage payments?: Please select an item.

    Estimated mortgage balance owed? Please select an item.

    Who is your lender? A value is required.

    First Name: A value is required.

    Last Name: A value is required.

    Primary Phone Number: A value is required.

    Secondary Phone Number:

    Your Email Address: A value is required.


    Late in 2009 several of the large banks began to roll out fixed 30 year Jumbo loan programs at low interest rates. The catch is that they are only for low risk borrowers, and some require as much as 30-40% down payments. All of these terms make these loans inaccessible for refinancing by owners in a current Jumbo loan that is upside down. If you realize you are not eligible for any of the government programs aimed at helping homeowners, your next step will be to contact your loan company. From combing internet forums of borrowers who are upside down in their loans follow up any call you make, even if you feel it was unsuccessful with a well thought out letter. With some persistence you may have luck convincing your finance company to modify your loan terms so that you can keep your home. Remember you are in no way alone in this, many Americans are seeking the same assistance you are.

    No Comments

    No comments yet.

    Sorry, the comment form is closed at this time.