Went through something similar a couple years back—HARP was already done, but FMERR ended up being a lifesaver. Rates were decent, paperwork minimal... definitely worth checking out if you're underwater or close to it.
"Rates were decent, paperwork minimal... definitely worth checking out if you're underwater or close to it."
FMERR was a solid option for sure, but I think that program wrapped up a while ago, didn't it? Curious if anyone knows about current alternatives for folks who missed the boat on FMERR and HARP. Maybe something similar popped up recently? I've heard whispers about some lender-specific programs, but haven't seen anything concrete yet. Would be great to have a backup plan handy just in case rates shift again.
Yeah, FMERR was great while it lasted—my neighbor refinanced through it and couldn't stop raving about how smooth it was. I looked into it too, but by the time I got serious, they'd already pulled the plug. I've heard some banks have their own in-house refi options for underwater homeowners, but details seem sketchy and hard to pin down. Might be worth chatting directly with your lender... sometimes they have programs they don't openly advertise.
Yeah, FMERR was definitely a solid option for a while—too bad it wrapped up so quickly. Have you checked if your lender offers any internal programs similar to HARP or FMERR? Sometimes they have options tucked away that aren't widely advertised. I'd be cautious though... make sure you ask plenty of questions about terms and eligibility, since these in-house programs can vary quite a bit from lender to lender. Good luck, hope you find something workable!
Yeah, internal lender programs can be hit or miss. I've seen some decent ones pop up here and there, but honestly, they're usually not as borrower-friendly as FMERR or HARP were. Definitely worth asking about, though—just don't get your hopes too high. And like mentioned above, grill them on the details. I've had clients surprised by hidden fees or weird eligibility hoops... lenders love their fine print, lol. Good luck navigating it all.
