Current Mortgage [discussion]

[Program ColumnistModerator]

Existing mortgage requirements for the HARP Refinance Program.

[See the full post at: Current Mortgage]

[VERA J.]

THE HARP PROGRAM SEEMS TO BE WHAT WE NEED FOR REFINANCING OUR HOME. UNFORTUNATELY, OUR LENDER IS NOT FREDDIE MAC, OR FANNIE MAE. OUR LENDER IS CITI MORTGAGE.

DO WE HAVE ANY OTHER ALTERNATIVES TO GET ANY OTHER LOW INTEREST RATES REFINANCING, MAYBE AROUND 2%, 2.94%. WE ARE CURRENTLY AT 6.5%. PLEASE HELP. THANK YOU ALL. LOVE, PEACE, AND JOY!!!

[Steffi]

Wowza, problem sloevd like it never happened.

[dale]

Do you have a VA loan or are you Va eligible?

[Patricia]

I have a VA Loan,my home value is lower than my mortgage,how can I lower my mortgage interes rate? Now I am paying 5%.

Thank you

[Kelly]

Vera J – just because your lender is CitiMortgage doesn’t mean you don’t have a fannie or freddie. Our lender is Wells and we had a freddie mortgage – freddie and fannie are governtment mortgage backers – they back the loan company writing the loan. Call CITI and ask if you have a freddie or fannie.

[Dave]

Vera… ours is Citi too but it is BACKED by Freddie. Check and see if yours is too – it just has to be BACKED by Freddie Mac.

[Carmen]

I also have CITI and I have Freddie Mac behind my loan and according to CITI, I do not qualify. But according to this Website I meet all the requirements. I honestly think that CITI is full of it! I think that it does not benefit CITI for me to get a Refi. through the HARP Program and that’s why “I don’t qualify” I just called 888-995-HOPE according to the HARP program representative someone will call me back and help me out. Wish me luck!!! Keep you guys posted.

[Doug]

what state are you located in? I may be able to help you with the VA loan. shoot me an email with the state you live in so I know if I can help you.

[JANET]

I have a mortgage with Bank of America to which I applied for a modification. They have been asking for the same document for the past 3 months. I am current on my mortgage and for the first time I will be behind in my Real Estate taxes. My interest rate is 6.25% and have almost exhaust all my savings trying to keep up. How do I find out if my mortgage is backed by Freddie Mac or Fannie Mae?

Thanks for your response.

[Louise]

I have a BOA loan and qualify for the HARP program, however BOA have just told me that because I had a no closing cost mortgage originally I do not qualify. Is this true?? Has anyone else been told this??

[Mindy]

I do HARP loans in Maryland, Virginia, D.C., Delaware, Pennsylvania, and No Carolina.
Also, FHA and Va streamlines. Please contact me if I can be of help to you.
Thanks,

[Barbara Leithead]

I filled out the form under the Harp Program. I didn’t qualify but no explaination. My current mortage is $48,000 but the value is only $40,000, per my mortage company. The scales on the form don’t go that low. Is there a phone number I can call to talk to someone?

[Janet]

Who do I contact to see if I qualify

[Larry]

We have a BofA mortgage refinance in 2010 @ a Apr
rate of 4.75. All payments up to date with a 13 payment each month scheduled. I would love to take advantage of a lower interest rate.A savings of over $200 per month.While not having to go through
the cost of a total refi.Our homes value has dropped in value over 200M. Hope to hear from you Larry

[Chad Dillon]

I live in Virginia and have a home that is worth less than my loan balance. I have a VA backed loan.

[Oksana]

Hi Louise,
I have the same situation, and BOA keep telling this restriction will be removed soon. I hope! I will contact them tomorrow. Please let me know if you have some new info from them.

[Tony]

I have a FHA loan and purchased in 2008 for 145k its value is now approx 80k, I have 6.0 % and been denied several times for HAMP, or Remodification, reasons were debt to income ratio. I purchased in my name only prior to getting married , I cant use my wife , as her credit is low FICO,due previous divorce. I make less than when I purchased the home. Any help will be appreciated

[cliff]

I bought my home in June 2006. I put 20 percent down, and another 10,000 on the principal for the next couple of years. I had an interest only loan, and the value of my home dropped and I owe about 70,000 more than what it is worth. I did get a loan modification about 2 years ago, at a very low interest rate for 5 years, but at the end of 10 years, the interest rate will be 5.25 percent and I will probably still be under water. Is it possible for my loan to be included in this new program for underwater home owners. I am current on my payment, and never been late.

[Deborah]

I would try the HOPE and ask them.
You will need Monthly Mortgage, Taxes, Insurance.
Hope this helped.

1-888-995-HOPE (4673).

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