New Harp Mortgage Program Guidelines [discussion]

[Linda VanConant]

If you qualify for the Harp loan, and contact a bank that processed HARP loans can they require that you are a member for 6 months before writing the loan?

[Joe]

I have been working with GMAC and it seems that they are doing everything but what I need I am currently $200,000 underwater.

[steph]

Under HARP 2.0 an appraisal should not be necessary if you have a fanny mae or freddy mac loan. Make them explain the purpose. There is no cap on how underwater you can be if you have a fixed rate mortgage currently.

[Carol Roth]

On any HARP refinances over 80% LTV, it is required to have an escrow account. The lender wants to ensure any payments regarding avoinding foreclosure are made. (taxe and the loan., insurance of course in case something happens the lender will be paid in full)

[DC Terry, Sr]

Hi Linda,

The banks can Customize their guidelines to match their desires.

[Andres]

If I refinanced in May 20, 2009 (this was the closing date) do I qualify for HARP? I’m not sure when Fannie Mae actually received the new mortgage (probably after June 1, 2009. Does it “count” that I closed before June 1? How do I know when the mortgage “hit the books”?
Cheers, Andres

[brandon]

Is the HARP program available to me if i used CalVet to purchase my home in 2008. Most of the the programs I have heard of dont work with CalVet mortgages. So If anyone knows of any, that info would be greatly appreciated.

[Brenda]

Please email me, I am trying to help my son refi. his condo. through HARP and need good honest advice.

[Lisa]

I purchased my home after 06/01/09. Are there any programs that can help me?

[Jim]

I live in AZ. If you can be of assistance in getting a HARP loan please email me as to what and how you can help.

Thanks, Jim

[Nancy booker]

Nothing in the terms of ur deed changes whenever ur Loan is transfered

[Nancy]

We financed in April 2009, our loan wasn’t sold to Fannie Mae until July 2009 which means we Don’t Qualify!!! We’ve tried and because of that little issue we cannot take advantage. Had the house appraised and it appraised $34,000 less than in 2009!!!!!!!!!!!!

[MLC]

I’m looking for same answer with similar situation. My 2nd mortgage won’t subordinate to the 1st since the combined mortgages are more than the house value. Don’t know what to do next.

[Mike G.]

Last week I was pre-approved by Bank of America for HARP on my residence. Bank of America then changed their mind and turned us down because of a late payment on a different investment property with Wachovia/Wells Fargo who are impossible to work with. Does the HARP “one late in last year, no late in last 6 months” rule apply to the property you’re trying to get the HARP on, or are you ruled out based on a different (other) property you own as well, even though you’re not applying for HARP on the other property?? Or is it simply B of A that doesn’t want to do it? Any advise is greatly appreciated.

[Nancy]

I was told I did not qualify for the HARP
program, because I purchased my home before
January 2009 and refinanced in early 2011.
They said to wait until HARP 3 comes out.
Is this a true statement?

[KAELAN]

I participated in the original making home affordable program. Though my monthly payments were reduced, my outstanding balance was not reduced. If I were to move, I’d have to pay the entire outstanding balance. Is that right? Now Bank of America has sold my mortgage to OCWEN. OMG, customer service is in India and they are difficult to understand. In addition, when I switched my homeowner’s and earthquake insurance, they totally screwed things up. Every time you call there is a different story. Can I now participate in this HARP program and get my underwater mortgage permanently reduced?

[GJC]

I received a flyer from Chase re: HARP offering to refinace a current morgage of 222k, 30 year fixed at 4.25 with NO CLOSING COST, no fees at all really. I didnt follow up on it, but was in bank, spoke to loan officer this week and he offered a harp, for 225,500, 4.125, and said I would need to pay 395 application fee and 500 at closing. when I met with him, the actual closing cost was something like 8500, but wait he said – thats before adjustments, you know that smart math they use,and then he said I would need to bring 1,800 to closing. When I asked about the 500, and the fact that the flyer said no charge, he said, he had not finished adjusting and I would probably not have to pay the closing at all. Does this sound on the up and up to anyone? And why is there such a difference in amount of current loan and new, if I am not getting any money back? His answer made no sense. He said the flyer was getting the extra money back through the fact that the interest rates were different? I am confused and hopefully i didnt confuse everyone. Is this a common practice

[Kirk Thompson]

The date you closed on your loan has no bearing. Your loan had to be sold or transferred to Fannie or Freddie prior to June 1st, 2009. Usually your closing date has to be 2-3 months prior because a borrower needs to make a payment or two on time before the loan can be sold.

[David]

B of A doesn’t want to do it. Going to “your” bank doesn’t always warrant you the best loans. Find a smaller broker. They tend to know the business’ ins and outs better and know how to work around situations.

[GJC]

is there a difference in a harp program loan and a conventional loan?

[Author]

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