HARP 3.0 [discussion]

[Donna Jo George]

Am trying this now, will update with results

[Jake]

Is there any possibility of HARP 3.0 moving the June 2009 deadline for eligibility? This seems like it leaves alot of people out (people who are in need of this program).

[Tim Swierczek]

Tricia

The date your loan was originated is not the only factor in eligibility. Check around not all mortgage companies are created equal.

[Tim Swierczek]

William the short answer is you cannot combine the loans with the VA if your house is underwater. “Technically” Va allows for cash out to payoff the second to 100% but I haven’t heard of anyone offering 100% VA cash out loans for 3 years. My guess is the best you will find is 90%. Thats the bad news. The good news is you already have a 4.5% interest rate! Wow, that is awesome, not much worse than todays going rates. Specially since VA rates tend to be .125- .25% higher than other loans.

[Tim Swierczek]

Schip FHA does have programs. The Streamline refi. Check with a local lender non-bank for the best deal. Big updates but it depends on when FHA insured your loan. If it was after June 1 2009 apply this month, before April 1st or you will pay more for FHA insurance. If it was before June 1 2009 wait until June 11, 2012 and your cost will go down.

[Tim Swierczek]

Vic there are a few lenders doing it if you have lender paid MI LPMI. If your loan was pooled when sold and they added “credit enhancement” insurance then that is different and you would not qualify.

[Cynthia]

So, with the Harp 3.0, can people refinance just their 2nd mortgage if not owned by Freddie or Fannie? 1st Mort. is owned by Freddie. Possibility of refinancing them together?

[jake]

This program is unfairly working against borrowers with newer loans. PMI is a joke any way. I am paying the penalty brought on by crooked lenders and idiot borrowers who bought houses they knew they could not afford….ridiculous.

[Robert Harris]

Chase is servicing your loan, but it still can be secured by fannie or freddie. You need to go to their respective websites to see if your loan is secured by either.

[Robert Harris]

Chris,

Maybe I can be of some help to you. You should either qualify for the HARP 2.0 or 3.0 (if it gets approved by congress) and you will be able to refi with reduced costs to get your rate down, let me know if I can help in any way

[Robert Harris]

they have you locked into a higher rate loan which they know you will pay due to your past history so they are trying to avoid giving you a lower rate (cause then they lose money) dirty as it sounds, but this is happening a lot

[Cassandra]

Who did you find that’s actually working this program?

[brian parker]

no one

[Victor]

When will harp 3 start? Or is there going to be a harp 2.10

[Pam]

i am in the same boat with Chris any updates on the Harp 3, I have tried every lender i can think of and with no help.

[Melinda]

What are the income verification guidelines for HARP? We have NEVER been late on our mortgage. We own our own business and went thru original govt refi program just to lower our interest rate…we did not want money…just lower payment. To shorten a looong story…we were not able to process the loan because, after providing everything but our DNA, it was still NOT ENOUGH to prove our income. We have a flow thru, S corp, so our personal and business funds get intertwined. I provided copies of EVERYTHING…but it was not enough because a transcrip of our 2012 taxes could not be verified because we owe money. SO…MONTHS of time, effort and energy, trying to get the loan approved….with no result!
What are the guidelines for this new HARP 3 program regarding income verification? Isn’t there a streamlined process…like that of an FHA loan?

[R Jimenez]

BofA said we didn’t qualify because we only put 10% down. But every lender has their own in house regulation according to HARP program who I called to talk to. So,I called many lenders who are willing to refinace with HARP some have certain criteria that we qualify for and some we don’t. One said we owned to many properties to qualify.

[Derin C. Wester]

Is the HARP 3.0 program a myth? My bank (Indymac, Inc.) has no idea about it when I called to apply last month and beginning this month too. They tell me they are just getting the guidelines for the HARP 2.0 program. They are now offering me a loan modification packet that hasn’t arrived yet. Once filled out and returned that takes 30 days minimum to process for the decision if I qualify or not. I just refinanced another property on a VA Streamlined URRRL loan. That took only a month and went through just fine. The credit union loan officer that I worked with for that refinance also hasn’t hear anything about the HARP 3.0 program. Anyone out there in refi-land know anything substantial about HARP 3.0? Does it really exist?

[Kevin Driscoll]

Anyone know if there is any help for people with HSBC home loans? My home was purchased for 85,000.00 in 2006 and now is worth 60,000.00 but I owe 75,000.00.

[Dawn]

From what we are hearing the harp 3.0 has not been released yet we are still waiting on the news ourselves. The Harp 2 for Freddie Loans just got cancelled so were hoping this takes over.

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