The Rise of HARP 3.0 [discussion]

[ryan]

Hi Jamine,

I believe you are inquiring on (PMI)- private mortgage insurance. If this is the case, HARP 2.0 has approved PMI transfers on exsisting Fannie & Freddie owned homes that qualify for HARP 2.0. Standard requirements still apply.

[ryan]

Just to clarify my response below. Both lender paid pmi, & borrower paid pmi are eligible if you qualify for HARP 2.0.

[Florence]

We have several investment properties which have lost considerable value.
All payments have been made. Is there a limit on the number of properties eligible for refinancing under this program?

[Mario]

has Aurora bank, and PNC been approved for this program?

[Florence]

we own several investment properties which have lost considerable value.
All payments have been made. Is more than one property eligible for this program?

[Cary Lubet]

Wells Fargo advised me I qualified for harp but because sba has a lean on home, ( I am current with both mortgage and sba ) they would not refi even though sba has no problem with the refi, any suggestions.

[Joe Garramone]

I refinanced my home in September , 2009.
I understand the cutoff is June , 2009 or earlier for mortgages . Has the HARP 2 program revised the cutoff dates?

[denise]

yes .. anyone out there .. is harp 3 in affect yet ??? i really waiting on this .. i have a 6.99 percent .. trting to re-fiance for a long time now .. i can’t .. i owe 200,000 and they say my house is only worth 100,000 .. and i paid 125,900 back in 2000 .. so yes i need this to take affect .. thanks

[Tara]

If HARP 3.0 is approved, does the bank that owns my loan have to agree to this? This German-owned bank prefers foreclosing — bad history of denying mortgage mods. I have a feeling they won’t cooperate.

[TP]

Our primary mortgage is with HSBC and not backed by FAnnie Mae, however HSBC doesn’t offer a refinance program. Do you know of lendors that can help us?

[Echo Nott]

Does anyone out there know if there’s any help for those forced into a reverse mortgage?? Daughter takes care of me, now ill herself and would like to have a way to help her help me and leave her something but can’t afford this huge home anymore!!! This bank should not get a lifetime of our hard work!!! Husband unexpectedly died in 07 right as housing went to hell. Was on adjustable and planning to sell our very unique, hard to find property w/2 homes in one on 2 acres…a bit overbuilt for area but was listing realisticly in the the upper 500,000’s. Lost husbands pension after his death due to a loop hole….I’m 80 and disabled and was forced into this reverse and and am now under water with loan bal at 300,000. Would like to reduce the loan bal. so I can sell and get out of the reverse. Have lost everything!! Any help out there anywhere?????

[severina]

it sounded like the OBAMA proposal for Harp 3.0 is political, because he knows that congress will just turn it down..he is just putting congress on defensive stance so he can use this tactic to his advantage for this election! thats my take.. i am frustrated of political antics of both parties!!!i am a homeowner paying my mortgage diligently every month..in my pool of homeowners, there should be help.

[Janet]

I currently have a loan under Bank of America, FHA Ginnie Mae which does not qualify for the 2.0 HARP. My home is also a Manufactured home which puts another wrench in the mix. I am hoping the HARP 3.0 will allow me to refinance as I am now at 6.0 %. I am definately underwater but I am current on my house payment. Has anyone else run across this problem and can anyone tell me why they seem to discriminate against those who have manufactured homes?

[Jim]

We bought our house 7 years ago after a bankruptcy in 2004 so we had to take out 2 mortgages at the time of purchase. The first, the larger of the 2 has a 9.5 percent mortgage and the second a 13.5 percent. I owe $204,000 on the combined mortgages but the town home is now only worth maybe $170,000. We have paid every payment on time and have no debt, but no one will refinance me with a lower interest rate. The current rates will save me $700-$900 per month but we can’t find anyone that wants to refinance. Any ideas, suggestions we are getting desperate and need help this mortgage is killing us.

[Jesus Lucio]

My loan originated through Country Wide Financial which is now BofA. They will not touch my loan since my house is completely underwater by 45k.

We put down 20%.

Never a day late.

No equity in the home.

BofA lender told us we are a small percentage in the market that is just not ever going to get help.

Anyone have a solution. Hello banks that get bailed out!!!!

[Donna]

I thought I qualified for HARP but Wells Fargo says that they will not refinance my home because I have private mortgage insurance attached to my home loan. Is this an additional requirement? According to what I have been reading about HARP, I do not see this as part of the requirment for the program.

Thanks

[Chris]

Donna,

If your loan currenlty has PMI you will still be required to have it. However, you can take advantage of a lower rate

[Chris]

TP,

The HARP 3.0 should be the program for you….It’s supposed to not matter if the loan is not owned by Fannie or Freddie. However, you must be current on your payments.

[Chris]

Hi Florence,

You cant have more than 4 financed properties on your credit report. Since this is an investment property you can only go up to 105% of the appraised value

[KTaylor]

My lender is HSBC/Beneficial! What more can I say. Their arms are crossed to any rewrites, modifications, streamlines, HARPs, etc. The only way you can get help from them is a “life altering experience”. Sucks when you want to keep your house and just want to take advantage of the lower interest rates to free up some cash. Hum… I thought freeing up cash would help the economy. Hope HARP3.0 is help on the way!

[Author]

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