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Question for the Money Doctors

Question submitted on Feb 19, 2014.

Question

Hello,

I have a 1st and 2nd mortgage on my home.

1st is 98,000, 4.6% conventional loan/$720/ mo.
2nd is 58,000 4.3% HUD Loan/$340/mo.
I would like to refinance to combine the 2 loans.
I am under water with my home. Is there any programs out there to assist me?

Please let me know if you need further information.

I've looked into Hamp/Harp and those are not options for me.

Thanks for your time.

Jan

Answer

You don’t qualify for government-initiated assistance (HARP, HAMP, or FHA Short Refi), but you may be able to negotiate a modification program with your lender. Explain your situation and be prepared to prove financial hardship. The Department of Housing and Urban Development employs mortgage counselors that can assist you in the process. Contact 1-800- 569-4287 to find an agent in your area.


For additional information visit http://www.360financialliteracy.org/