Question by Nora S: Is your lender participating with the FHA underwater mortgage refinance program?
Called my lender and was told Nope. NH Housing is my lender.
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Answer by SAM
http://nxnoo.com/
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Is your lender participating with the FHA underwater mortgage refinance program?
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The program is voluntary, so like all of the other modification programs, they sound great but fail to do any good. Also this “fha short refi” isnt available for GSE loans ie loans owned by freddie mac and fannie mae, which is 95% of the loans out there so without their participation this program is really just lip service meant to shut people up. Its too bad the media in this f’d up country is owned by the banks and doesn’t really report on anything of substance anymore. You can always strategic default which is what I’m doing. We have a 360k loan (no second on it) that is 220k underwater, its a pathetic situation. Our ltv is 205%, I didn’t even think that was possible!