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LoisThank you so much. How do I contact you to refinance my mortgage? I don’t think my lender is being straight with me. Either that or she is misinformed. Both are equally disturbing. For instance, she told me that I am required to escrow. She also told me that I can go no higher than 105% loan to value. While that is not the issue with me, I am pretty certain that is not true since I am not going to have an adjustable rate mortgage.
SharonI have a loan (Freddie mac) and was told by my lender that I qualified for a HARP refi.. later i was told Freddie MAc does not extend HARP loans if your residence is a condo. IS this really the case?
D. M. H.Wow! I was told about the same “crap” from Ally Bank when I clicked on my GMAC Mortgage to refinance. Ally handles all of the GMAC accounts. This was a “phone” conversation, which I hate and never should have done. He started out though, with $2,000 closing costs and a 3.85% rate and then, when we were almost done, it was up to $3976!! I asked him what happened to the $2,000 and was told his first figures were “off”. We have tons of equity in our home, great credit, and this offer didn’t even seem to apply to us, but he said it did. But I’m with you. Where are they getting these figures! We went into Chase and could get a 30 year fixed @ 3.67%, with closing costs of (at the most) $3700. Where do these people get these other figures on the HARP!!!
EricHARP are Conventional Loans that are serviced by Fannie or Freddie. All HARP is, is a program that allow’s those that are underwater in their homes to take advantage of the lower interest rates. You still have to credit qualify, however value typically isnt the issue.
EricYou can go online to Fannie or Freddie’s website to confirm you are serviced by one of them. The other step you can do to confirm is by calling to confirm they have your loan and its within the date to qualify.
EricHey Lois,
Your lender isnt uncorrect when it comes to Escrows and 105%. Let me explain. If you Loan to Value is above 90%, it is required by 99.9% of lenders to collect Impounds. By not collecting for impounds, it puts a high risk on a lender for State and Federal Liens always take first place in front of a lender when you dont pay your taxes. As for the 105%.. Most lenders are not direct which gives them an overlay to a max of 105% LTV. Make sure you go with a lender that is direct to Fannie and Freddie.
KennethAmerican Servicing Company have our loan, and they do not offer the Harp Program. What other options do we have.
CMTChase told me that I am not qualified for the HARP refinance since my loan carries lender paid mortgage insurance; has anyone been told been told such a reason? How do you handle?
janethWe have lived in our home for 10 years, my husband lost his job a little more than a year ago. Since then we have been struggling and fortunately we still on time. with our mortage. We have been trying to find ways to stay afloat but things are becoming more difficult. Recently we decided to try the HARP and at this time is in process waiting for an answer, however talking to my sister who lives out of state she had mention about looking for a job for me and my husband and the possibility of moving. That means if we find a job out state there will be a possibility of having to rent our home. Is this possible?
NanaI am anxiously waiting for the program that would help all the thousands of home owners who have never been late on their mortgage, but stuck with high rates because they do not have a Freddie or Fannie loans. They cannot refinance under HARP and cannot refinance with any bank because they are upside down. just like the banks got help from the tax payers, these home owners need help too.
nanaWow! some of these companies and banks are so cold. It’s sad they cannot see beyond the long term gain. Isn’t it better to work with your customers to make their mortgages affordable than to force them into foreclosure? The banks are swimming in so many foreclosed properties, loosing so much money yet they hardly work with their customers to keep them in their homes. Sad isn’t it?
earl rushMORTAGE THRU CHASE AND UNDER WATER $50,000-60,000 FILED CHAPTER 13 THREE YEARS AGO PAID MORTAGE LAST THREE YEARS ON TIME WILL I QUAILFY FOR HARP PROGRAM TO REFINACE AND IF I CAN IF CHASE WON;T DO IT HOW DOES THIS WORK WITH ANOTHER BANK OR FINACER TO TKE CARE OF THE OLD LOAN?
P. ChunWe have good credit, have not missed a mortgage payment but are unable to qualify for a HARP loan due to our debit ratio which went up since they now add our daughter’s student loans to our debt. Which made it higher than their debt to income ratio. We had to go the student loan route when my husband lost his job back in 2008. Refinancing would reduce monthly payments and our interest rate and allow us to meet all our obligations without doing a bankruptcy filing. Any info to help us?
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