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MasonBought our home in April 2010 and would really like to refinance with the Obama (HARP) but called and was told that I didn’t qualify because it had to be before 2009. We fell on hard times due to
my husband changing jobs and paycheck deduction. Please if anyone knows anything please help.
JhoanI have a jumbo mortgage and owned or backed by Fannie Mae (I checked their website look up). Is this still mean that I am not qualified to refi under HARP 2.0 because of my jumbo mortgage? I don’t understand because Fannie owned my loan and I bought my house 2007. I applied at Wells Fargo and all they said was I was not eligible for some reason. According to the person I dealt with at Wells Fargo I met all the requirements and I have an excellent credit score. Still they didn’t know why I was not eligible.
Or is this because I tried to apply the HAMP before? But I was not qualified with that either according to BOA. BOA flatly turned me down. I don’t understand with all this help from the government.
KeriI bought a condo for $123,000 in 2007 at 6.875%. It is backed by Fannie Mae. Since then its value has deprecated with many people around foreclosing or having short sales. I have made good on my mortgage and have never missed a payment on anything in my life! When I heard of this new program I was delighted that I could finally do something about it, and not have to ruin my credit as many of my neighbors have done.
I began the refinance process at the end of March with Maverick Funding, after going through it all on June 12th I was told that I couldn’t qualify because my appraisal had came back with a value of $60,000.
As advised I then began to try it through my current lender which is Sovereign Bank. We went through the whole process yet again, I got an appraisal again, this time it came back at $58,000. Fanny Mae is now saying I am not eligible due to my loan to value.
I was under the impression that this Harp 2.0 program is for someone that is making good on their mortgage but find the value deprecating around them. Am I wrong?
It seems to me that I am stuck between a rock and a hard place because I really don’t want to ruin my credit but it seems as though the banks would rather see me walk away from this mortgage than to let me refinance at a better rate. Any advice?
BenGo to a Mortgage lawyer that deals with this.
TamiI have a mortgage that at the time my husband and I refinanced in 2010 for a lower rate. We have since been divorced and I cannot refinance it because it is underwater and also because we refinanced in after 2009. Luckily he is not pushing the refi and I can maintain the payments. I feel there has to be something I can do to get his name off the mortgage for his peace of mind.
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