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Unfortunately all programs available currently apply only to loans owned by Fannie and Freddie or insured by FHA. Your scenario is one that has not been addressed. I do not know of any options outside of working with your current lender, and it sounds like this has been a dead end.
The upcoming HARP 2.0 program may help you. Your loan may be serviced by Aurora, but the loan may be owned by Fannie Mae or Freddie Mac. You can find-out at these two websites:
https://ww3.freddiemac.com/corporate/ http://www.fanniemae.com/loanlookup/
If Fannie or Freddie does hold your loan you may be eligible to “streamline” refinance your first mortgage when HARP 2.0 is finally rolled-out. Here are the basic guidelines for being eligible for this program:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
Get in touch with a local lender for updates on this program. Fannie Mae and Freddie Mac are working on their guidelines right now. Hopefully we’ll see this program go live in the next 3 months.
I bought my home at the height of the market. Now my home is worth half of what I paid for it. I have a 1st and a 2nd mortgage, both owned by different lenders. Neither loan is owned by Freddie or FNMA. I have a near 800 credit score, stable work history, make plenty of money, but I can’t refinance. When I originally got my loan, I was talked into a 5/1 ARM for my 1st loan and a HELOC for my 2nd… My LO told me that I would be moving by that time or I could just refinance. Fortunately my interest rate has remained stable (and has even gone down), but I am nervous for the future. My 1st loan is owned by Aurora loan… I have applied for every program with them, and haven’t been accepted. Does anyone know how I can refinance or get a fixed rate modification? I don’t understand why I can’t… I am basically asking my mortgage company to collect more money from me then they are currently. Any help would be nice… I am tired of hearing that I’m screwed, and the programs available are for people who are having a hard time paying their mortgage.
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