What If I Have an Underwater Mortgage?

In case you’re wondering when a mortgage is considered underwater, according to Investopedia.com, it is “a home purchase loan with a higher balance than the free-market value of the home.” After the Great Recession of 2008, many borrowers may find themselves in this situation and may be looking for options.

If you are in an underwater mortgage, now might be a great time for you to consider refinancing. By contacting us, Trustline Mortgage can help you discover if you can lower your interest rate and monthly payment, consolidate your debt or pull cash out. If your current loan is owned by Freddie Mac or Fannie Mae, and bought by either of them prior to June 1st, 2009, and you haven’t made any late payments in the past sixth months, you may qualify for HARP (Home Affordable Refinance Program). Along with our Frequently Asked Questions and Glossary, our knowledgeable lending specialists can always help you with questions you may have.

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