Refinancing an underwater home by a borrower whose loan is not owned by FNMA or Freddie is impossible without bringing large chunks of cash to the table
Many borrowers have been diligently paying their mortgage on time for years and are unable to to refinance because their original loan was never sold to Fannie or Freddie but held by the lender
There are many borrowers who have excellent credit, have been responsibly paying on their debt obligations but have been locked out of the historical low rates due to low appraisals.
FNMA is selling & financing homes without appraisal requirements that are owned by FNMA
Why not allow responsible homeowners with good credit who have made on time payments for the last 2 years access to refinance underwater homes without appraisal limitations?