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Mortgage refining through HARP program?

Posted on 9/10/12 at 5:54 pm
Posted by Bluff City Tiger
The LP
Member since Feb 2004
274 posts
Posted on 9/10/12 at 5:54 pm
Just heard about this. Anyone know any details
Posted by ZereauxSum
Lot 23E
Member since Nov 2008
10176 posts
Posted on 9/10/12 at 9:54 pm to
I assume that you mean "refinancing".

You have to work through your mortgage lender/servicer. They have to participate in the "Make Home Afforable" program in order for you to modify or refinance through HAMP or HARP respectively. If your loan is Fannie or Freddie your servicer most likely participates.

What are you trying to accomplish?
Posted by BACONisMEATcandy
Member since Dec 2007
46648 posts
Posted on 9/10/12 at 10:02 pm to
quote:

The Obama Administration’s Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value. 9 out of 10 of eligible Homeowners fail to take advantage of this government program. If you are current on your mortgage, with or without equity, then you are eligible for this program.


Posted by ZereauxSum
Lot 23E
Member since Nov 2008
10176 posts
Posted on 9/10/12 at 10:15 pm to
quote:

9 out of 10 of eligible Homeowners fail to take advantage of this government program. If you are current on your mortgage, with or without equity, then you are eligible for this program.


Don't worry, it's not the free lunch that the gubment makes it out to be.

You have to meet a very narrow set of rather arbitrary criteria to qualify *and* your lender not only has to participate, but agree to refinance you through HARP (as opposed to a private refi or mod).

This is only after they agree to actually refi or modify your loan. Often, lenders force you into a short sale or foreclosure/deed in lieu because the homeowner has already proven to be a less than stellar credit risk.

This should read "9 out of 10 homeowners fail to be lucky enough for this gov program".
Posted by hawkeye007
Member since Feb 2010
5956 posts
Posted on 9/13/12 at 1:43 pm to
first ignore the other post in this thread as they are wrong(sorry guys). You do not have to go thru your existing lender to use the HARP program. But your current home loan has to be a fannie mae loan without PMI. there are other rules but that is the most important one.
Posted by tiger94gop
GEISMAR
Member since Nov 2004
2963 posts
Posted on 9/13/12 at 8:13 pm to
Anyone can do HARP. If you go to efanniemae.com, you can determine the criteria if you qualify.
Posted by ZereauxSum
Lot 23E
Member since Nov 2008
10176 posts
Posted on 9/14/12 at 8:40 am to
quote:

You do not have to go thru your existing lender to use the HARP program.


My mistake. When I tried, it was with HARP 1.0. I didn't realize this had been changed in HARP 2.0.
Posted by hawkeye007
Member since Feb 2010
5956 posts
Posted on 9/14/12 at 10:43 am to
yea existing lenders arent alot of help with HARP. hope it works out for you.
Posted by Bluff City Tiger
The LP
Member since Feb 2004
274 posts
Posted on 9/14/12 at 3:11 pm to
We bought in 07 at height of housing market. Rates then were 6 plus percent. The current rates of 4 or less but would have to dump in a ton of cash to get back to 20 percent equity to refi without pmi. This program is supposed to let you refi at current amount owed without pmi. Thus greatly reducing loan note per month and locking in at these current low rates
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