Home Forums Article Discussions Alternatives To HARP [discussion]

This topic contains 6 replies, has 2 voices, and was last updated by  Charles Clark 4 years, 11 months ago.

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    Alternative to HARP include forbearance, unemployment forbearance, reinstatement, specialized repayment plans & HAMP, though these alternatives vary depending on your mortgage company.

    [See the full post at: Alternatives To HARP]



    I refinance my home in MA during 2007 at 6.125%. My balance is 226K for another 25 years.PHH morgage is offering me refinance again via HARP at 4.5 to 5% paying myself closing cost and apraisal.Should I hear their offer?



    no you will not have to pay it off.but and it is a big but! banks have been trying very hard to titgehn up their exposures to risks, and having a equity line of credit now days is considered a risk.so the holder of second loan (equity line) may not agree for subordination,even though they are the same bank. they may also not allow you to take cash out. unless there is substantial equity exist.your best chance is going to be refinancing with the same lender,and before spending any money,you need to make certain that the line of credit holder is willing to subordinate.



    Yes, you can. I just did this with my Wells Fargo mortgage. It was my chioce when I refinanced my mortgage whether I wanted to roll in my home equity line or keep it open. I had a decent rate (but not as great as yours wow!) and I chose to keep it open. The bank made no big deal out of it one way or the other, and although I have pretty good credit, I had a very large balance on it, more than $350k.


    In need of help

    It is very bitter pill to swallow when youve tried everything to be responsible homeowner, 8 yrs as homeowner. means no late payment and current from property taxes, insurance, mortgage payment and knowing about help given to those homeowners which their mortage co is funded by federal’s fanni and freddie called Harp, hamp ( those that didnt succesfully meet the criteria through Harp’s. In our case wells fargo came out to be freddie and mae…unfortunately.we were Denied already from refi, denied mod req fm last year still ended up dealing about accounts-?payments beingvescrow for the first time. Problems Keep adding up no matter u reach up for help through your bank. Today, i called chase and i was hold over the phone for almost 2 hours, diaconnected 5 times, transferredfrom one wrong dept to the other. Im out work for almost 4 mos now. Spent max all my savings and having a baby on top of everthing. I have been spending on a quicksand afterall. I have the 1st mortgage through chase for 520k with 5% apr , b of a for 50k with 4 % apr and rip off private 3rd mortgage for 25k for a 9 % for 5 yrs (whom payment i made through them i cant seem to file for my income tax. Coz they said it was set up to us to be approved on out 1st morgage on the time were applying for loan approval. I have been paying this 3 companies on time , no late payments but never had get any assistance from them from the get go. Im on the verge of losing my home, sanity and begging for mercy or miracle that someday it will ease a little with such overwhelming predicament my family is going through now. Is there really A light at the end of our tunnel?



    If our mortgage is not owned by Fannie or Freddie and is a jumbo loan, is there a program we qualify for?


    Charles Clark

    Does anyone know if any progress has been made on HARP 3 or if its just something that is on a wish list.I have a 30 yr fixed convential mortgage which is underwater and Harp 3 looks to be my only hope of saving my home

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