WFB Refi/Mod

[tjo65]

Hi Everyone- Here is my story which I am hoping someone can give some advice. FMV of home: $590K (recent appraisal); WFB 1st TD: $560K, so I don't have a lot of equity. We are NOT in a financial hardship thankfully and have no problem paying the monthly mortgage thankfully (we pay more than required). Our loan will reset in 2 years and want to lock in a rate. My whole goal is to keep my rate about the same (5.6% ish). We have great credit and high income. The loan is NOT Fannie/Freddie backed. I am not looking to squeeze a lower rate, just try to secure a rate in case they go through the roof in the future.

Problem: They won't refi due to low LTV. They won't loan mod since we are not in a hardship. All I want to do is lock in a rate. I will even increase the payment if they want (i.e. reduce the term of the loan). This is original purchase money so it is a non-recourse loan. I work with a lot of real estate lenders (private, small) and they tell me that they would be all over a refi/mod if the lender were able to increase the principal payment and also get a refi so it is no longer a non-recourse loan.

Again, no financial hardship, limited LTV, and not a Fannie/Freddie loan. Is there anything out there for those of us in this type of situation. I have other business associates who are in the same boat. Advice, help, etc...I have called WFB and they say they can't help since no hardship, no Fannie/Freddie, and too high LTV.

[Evan Bedard]

Hi tjo65 welcome and thank you for joining.

It will be much more difficult to get as modification since there is no current hardship.. But it may be possible, I suggest you go through a non profit like NACA to see if they can help you lock in that rate.

Here is the link to the site.

https://www.naca.com/index_main.jsp?language=null