Home Forums Article Discussions The Rise of HARP 3.0 [discussion]

This topic contains 89 replies, has 2 voices, and was last updated by  Laura 4 years, 1 month ago.

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    Im in the same boat. Any help for us????


    pat chiarello

    I had applied three times for a loan modification and all three times denided.Due to the investor do not participate. What can I do? Any advise would be greatly appreciated.

    Thank you,



    Brad Ziegler

    I’m in the same boat as Larry Young stated. We have been current on our payments but our house is about 70,000 underwater. There are no programs that will let us refinance at a lower rate. If you don’t have a mortgage backed byFreddie or Fanniemae or the other 9 lenders your sunk. CitiMortgage offers nothing for me except headaches.



    Has anyone heard an update about Harp 3.0? Currently, only my lender will refinance with me so we have no leverage at all. We have been current with all of our payments and our house’s value has dropped 100k (purchased in 2009).


    Pete Hamper

    My home’s value is still more than my payoff amount, even though the house has declined in value from $315,000 in 2007 to $205,000. My income has decreased 40% since 2007, and I’ve gone through a divorce. I am current on my payments but it is very difficult to do. My interest rate is 6.625% on the loan. I would like to know what program I would qualify? The bank who I deal with won’t budge on reducing my interest rate, even though new loans there processing are 2.5% to 3.% less than mine.


    ken west

    I am in the exact same senario as you! I have been unable to get any any confirmation on moving the date….have you heard anything?


    Liz Kinder

    Any hope for non Freddie/Fannie mortgage holders?



    Is there any talk of removing the restriction on the PMI? Having lender paid PMI is the only thing keeping me from qualifying.



    Dont believe it for a second. Lost my job of 14 years in Dec 2011. Wife works as a teacher. My mort balance is 286K, house is worth 230. I applied to Seterus, my mortgage company, for a HAMP (modification). I was declined because I do not qualify for IDP, the “imminent default program”. That is because I am current on the loan. A second reason was that they took my business income (which I opened after I lost my job) GROSS, not after expenses, do adding it to my wifes gross income, we are at 27% mortgage to income. You must be at least 31% ore more to qualify.

    THen, we were told we are perfect for Harp 2. We applied to Wells Fargo. They turned us down. Reason: Since you dont have your loan with us, its unlikely that we can get you a refi. Also, you had a short sale on a second home in 2010. Yes, but HARP guidelines say you can have a short sale in your past, a long as its older than 2 years. Doesnt matter they said, its OUR guidelines. So, we are told by our bank, no to HAMP, you are too responsible. I am told to go do a HARP with another big bank. I pick Wells, who we have accounts with since 1991, they turn us down because of their rules. I dealt directly with Fannie Mae to help on both, the last email I got from them, after informing them of 2 turndowns, was “I wish you good luck in trying to get a refinance in the future”. A beaurocrat out of the Los Angeles office.
    We bailed out banks, they wont help us, and this government does not have the spine to make them.



    Are 2nd homes and/or investment properties eligible for HARP refinancing?


    Bob Wilson

    We did get a mortgage modification 2 yrs. ago but we are underwater with the mortgage. Our income has dropped since then. We keep up to date with the payments although they are sometimes late. We need a reduction in the principle of the home. How can we do this?



    For HARP the date is 5/31/2009. For HARP the loan must be a Fannie Mae or Freddie Mac loan. So even if you close before this date and the loan is Fannie or Freddie loan, you are out of luck.



    What if my loan still isn’t with these additional 9 lenders?!?! what am I supposed to do?!!!!



    Will the Harp 3.0 program help us if we are just above water (because we have paid $100/month on our principle for quite sometime) but don’t have 20% equity anymore. This is so frustrating that so many people don’t qualify for anything just because their loan isn’t owned by Freddie Mac!!!!



    Hi Lacey,

    Your home loan can also be owned by Fannie Mae. I would be more than happy to check for you. Have a wonderful day!




    Hi John,

    Just because your home loan isn’t held by the current lenders above mean you cannot refinance under HARP 2.0. I would be more than happy to help.




    Hi Sally,

    2nd homes and investment properties are eligible under HARP 2.0. Hope this helps. Please email me with any questions. I’m more than happy to help.




    Hi Gerald,

    May I ask why you feel your current lender is the only option. Please feel free to email me anytime with any questions.




    Hi Alfred,

    I’ve seen this many times & wanted to help answer your question the best I can. Just because your loan isn’t eligible for HARP, doesn’t mean you are not eligible for other products available in the market. I recommend contacting your local mortgage professional. You may still have options to take advantage of lower interest rates.




    Hi Cynthia,

    If your 1st mtg owned by freddie is eligible for HARP, you would actually need to inquire on a subordination with Chase on your 2nd mtg. Hope this helps.


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