New Harp Mortgage Program Guidelines [discussion]

[Robyn]

When phase 3.0 comes out the loan origination daate of march 31st 2009 will be lifted. It should come out in the next 30-90 days.

[Alan]

Patrick,
I am curious since you own a mortage company. I have looked into the Harp loans, but am running into a little dilema. We refied in May, 2009, but Fanny Mae apparently did not back the loan until mid-June, 2009. Apparently there is a June 1, 2009 cut off, and though the refi happened before that, the fact that Fanny Mae did not back it until after that date means we don’t qualify. Any news on if this will change???

[Jim]

I have a 30 year fixed rate @ 6.125% for $150,000 and a home equity loan for @ 5.5% for $35,000. The condo would probably appraise for $165,000. Credit is probably 720 and very little debt. I have heard that you cannot roll the home equity line in to a HARP loan. Is it pretty common for the home equity lender to agree subordinated by the respective lender. If the lender does not agree to subordinated so that the first loan can be rolled into HARP? Has anyone heard if HARP3 might get rid of the restriction for home equity loans?

[Linda D’Amore]

All your questions can easily be answered by knowledgeable lenders who care more about you than how much money they make. Unfortunately, they don’t or hardly don’t exist.
It’s not what they tell you that’s important, it’s what they don’t, and that’s called ommission which, is worse than a lie.
As an example, you should know exactly how to determine if the rate and costs are reasonable. Also what are the lenders guidelines for you to get approved. My success was not based on selling you a loan but educating you to what benefits you, not my bottomline.
There is more deceit in lending and over the years, no matter what controls are placed, lenders find a way around them.
Are you getting the lowest rate, too many garbage fees, how much is the lender making, including rebates. If these are FHA loans, the fees will be astronomical compared to a regular conventional loan. I always advised my clients to do conv. loans with 3% down and save yourself anywhere from $5-10,000 of fees on a FHA.
Every persons questions need to be answered based on “What are YOU trying to accomplish with a new loan.” I am willing to bet at least half of the loans, if not more, benefit the lender and not you. Refi’s can often cost you more money and knowing some simple facts on how to read your tax returns, could save you the costs of a refi. Lowering your payment is often not the goal to prosperity.

[Brad]

Started HARP refi with GMAC “Ally” on Apr 2nd. They told me on Apr 24th they were just waiting for MI to be transferred to new loan. Since then they have extended my rate twice and now my settlement charges have gone up. I have shopped some but it appears that the charges are higher and there is an out-of pocket appraisal??? This stalling feels like more fraud from the big banks. Oh and conveniently will only communicate electronically now.

[ryan]

fannie loans any type of mi unlimited ltv not an issue here

[ryan]

some lenders cant xfer the cert were fannie direct and take any type of MI

[alex]

Is the 3.275% for a 30yr/15yr fix through the HARP program? Did you have to pay any points to get such a low rate?

[Hil]

Is it legal for lenders to increase closing costs on investment property?

[Hil]

I got the same, “not coded” and according to Citi, Freddie codes the loans. I was told to call Freddie and when I did, Freddie said Citi is the service co and they are the only ones that know whether my loan is current or not and that Citi codes the loans. Then, Citi claims I have to pay higher closing costs because this is an investment property!

[DM]

There’s also something new called the NMLS ID Number. I’d get his number or the number of any lender you’re dealing with and feel uncomfortable and report them. You can google the NMLS website and look up their names and numbers too.
That type of response from a lender was absolutely unnecessary.

[DM]

Just a note from someone in the industry.

IF YOU FEEL UNCOMFORTABLE WITH A LENDER, SHOP AROUND.

SHOP, SHOP, SHOP!!! Do not feel obligated to stay with any lender. If they make you feel uncomfortable, move on to another.

[C. Wingfield]

What can I do? I have an elderly mother and disabled brother. Despite having 2 Master Degrees I have not been able to secure a job over the past four years. My mortgage holder is GMAC but the server is a group called IMPAC who will not help. We went through NACA & Florida’s Hardest Hit, deplected all savings and 401k what can we do next??? Please advise if possible. Thanks for your time.

[Denise]

I just talked to a Mortgage lender about harp, He told me since i have PMI on my loan that i do not qualify for the harp program. I have talked to several lenders over the last 2 days and nobody has told me this.Is this the truth? Thank you

[Sharon]

I am looking onto refi through my current lender through the HARP and they want to charge us 450 for appraisal and 6500 in closing costs. Is this correct or should these fees be less. They have had my loan since the day I bought the house 10 yrs ago.

[Laith]

One a mortgage company seem to be B.S.ing you get a lawer yes that’s what I did according to the harp or Obama program for home owners what they told you is not true but again I don’t know all the facts about your loan but you can email me if you like to let me know more

[Laith]

Well the lender have a responsiblity to make sure you have insurance and property tax be paid before the mortgage can be paid thats why an escrow account is necessary but I you have to read the fine print in your mortgage agreement

[Marie K.]

Richard, are you buying down your loan rate? That is the only reason I can think your lender would ask for that money. I am locked in at 4% for my HARP 2.0 refi and don’t have to pay a dime as I didn’t buy points.

[Marie K.]

Sharon, The appraisal fee sounds right. $6500 in closing costs is outrageous. Have them provide you a detailed breakdown of EVERYTHING that totals that amount and then have them explain the breakdown.
It may be possible that you are pre-paying 6 months of insurance and taxes to your new lender. I would be shocked if that totaled a few thousand, though.

[Lisa]

Hello, we are in the same position could you please share with me the response you got? We are at the point where we think we should walk away, like everyone else and just live out the time we have and let it be foreclosed. We have been current for many years after the bankruptcy and that has done us no good as it is not being reported to any credit agencys. Our home just keeps going up in payments and its too expensive and we can find something cheaper for our family. Could you please let me know if you have any information please? Thanks so much, Lisa

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