Home Forums Article Discussions Home Affordable Refinance Program (HARP) Fact Sheet [discussion]

This topic contains 48 replies, has 2 voices, and was last updated by  Rusty 4 years, 1 month ago.

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    I has borrower the property owns by FannieMae, still not qualified for the HARP2 , according to the Lender I submitted? and they don’t give out the reason.
    The loan must delivered to Fannie before or on 3/2009!!! How would we know when was the loan delivered to Fannie? Please help any one.



    Does this HARP Program modify the principle to current value of the property, Why would I keep my house that is only worth 250,000 and not the 480,00 I paid, I will never be on top of this loan



    Can I use the HARP program if I am in active Chapter 13 bankruptcy?



    Hello Gail, I am on the phone with HARP right now as I am typing this response. here’s the deal: if your LTV is 125% or higher, you have to go into the HARP 2.0, 125% or lower will go into the HARP 1.0. The 2.0 program guidelines have not all been put out, they are still working on it. I was told that by March the 2.0 HARP program will be available.



    Hello Wanda, according to what the President said if your mortgage company does not participate with HARP, you can have your mortgage transfered to a company that does. how this process works, I don’t know you will have to do some research.



    I was on the phone with HARP today and I was told that the HARP 2.0 will not be available until March 2012, that is if your LTV is 125% or higher



    Had the same problem with GMAC!their loan(will not fund a loan unless underwritten by fanny or fredy)They told me a “system glitch”we all sure are hearing that a lot these days!Went to fanny web site,yes my loan was a fanny loan,did not matter to GMAC their system could not confirm.Got call from GMAC on Dec.15 2011 all ok now!!!



    “System glitch”or “We are following strict government guidelines”


    Rosevelt Fortune

    I bought my home in 2005 for 340.000,00 .did get a second mortgage witch I am paying to Chase Bank.Chase told me that my house is only worth 160000,00
    I have to pay them 297.000,00.
    Chase also told me that I am not qualified for the HARP program.
    I am up to the point of let the house go if Ido not find any other solution.
    If you have any answers please tell me something about this problem



    Hello, since refinancing to a harp loan just a few months ago, the rates have dropped even more. Can we refi it already?



    No… Loan has to be prior to June 2009.



    No. If you don’t currently have pmi, its not required on the new loan.



    I have a Fannie Mae an interest only loan with lender paid mortgage insurance (LPMI). The LMPI was paid upfront, but because it is on my original Fannie Mae loan I cannot refinance under the HARP 2.0 program. I meet all other qualifications. I live in Maryland. Am I now eligible even with the LPMI?


    Pam J

    Where do you get the forms to apply for refinancing under HARP? Current on payments but house is under water. Want to refinance under this new program announced in October.


    Rob Sanchez

    I spoke with Bank of America today and told me I don’t qualify because I have PMI; but I don’t see PMI address in any of the eligibility requirements. I requested a letter from BOA stating that I don’t qualify and they stated they can’t produce such type of letter. What can anyone tell me in regards to PMI and eligibility?
    Thanks, Rob



    Can we use Harp to refinance our investment property (I.e. my husband’s house in his name alone) that he owned before we were married? We are losing $600 a month on it and that’s WITH renters in it.



    Do I need to still pay closing cost?



    Somebody just called me from “chase” bank stating that the Harp will be available on February 6th(this next Mon) and that we would now be eligible even though we are quite underwater. Since we could not sell the property without losing $$$, we went ahead and rented it and are now living in another state i.e., it is no longer our “primary” residence. Will we still be available for the new HARP refi? we are taking a 600./mo loss even through renting>>>



    I talked to wells fargo today,They told me I have to wait til the end of march to see if we’re eligible?? Also to watch the mail??? But then he says by looking at are loan we will most likely be eligible to REALLY watch the mail.. ????



    I talked with Wells Fargo yesterday, and the rep told me that I wouldn’t be eligible for a HARP refi because I cannot show verified employment for the past two years. I have a part-time job since Nov. 2011, and have a business that has not been generating much income; but nowhere did I read any requirement regarding two years of income verification. Can they do this? Do the HARP loan requirements vary from lender to lender?

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