HARP program

[yankebabie]

Bank of America did not say anything about a meeting. He requested $35 to hold on my credit card to lock in interest rate. Spoke to him today again and he didn't say anything about a meeting. Told me my welcome package was going out tomorrow. Sign papers and fax them back. Has this been anybody else's experience? Also said that with all prepaids and NYS tax stuff my total cost is about $6000. I asked him again that this was through HARP and he said yes. Should I be concerned or does all this sound right.

 

[yankebabie]

One more comment to add to my previous question. We have Bank of America for our original mortgage. Don't know if that matters how the processing goes or not.

 

[DisneyEater]

You loan must have been taken over by Fannie or Freddie before May 31, 2009. Also, not all lenders are participating in HARP - you need to find a lender that is. And those lenders can impose additional criteria - I think if your LTV ratio is too high (over 150%?) that may still disqualify you from a HARP refinance, but I'm not sure. There are other programs, however, that may be available.

The full list of rules is here:
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

HARP 2.0 lifted the LTV restriction.

While there are lenders that may "HARP" your loan even if they don't currently hold the servicing rights, your best bet is with your own lender/servicer. The advantage of HARP to the lender is that the lender does not get any additional Rep and Warrant risk (basically the ability for Fannie or Freddie to push bad loans back to them for a number of reasons). However, if a new lender takes on your loan, they get the Rep and Warrant risk on that loan so it is not a risk free transaction for that new lender like it would be for the old one.

 

[horseshowmom]

For the record, Fannie and Freddie buy conforming, conventional loans.

Exactly. I was actually surprised to see they owned my loan when I checked it just out of curiousity. I had no idea since we still pay the bank every month, and I definitely didn't have any government programs involved with mine.

 

[DisneyEater]

Exactly. I was actually surprised to see they owned my loan when I checked it just out of curiousity. I had no idea since we still pay the bank every month, and I definitely didn't have any government programs involved with mine.

Fannie and Freddie own most of the conventional, conforming mortgages in this country. There existance is basically what allows someone to get a low rate for 30 years.

You would never know if a lender sold your loan to Fannie or Freddie. They don't notify you and you continue to pay whoever owns the mortgage servicing rights on your loan.

 

[sorcerormickey]

Does anyone know of any low/no-cost programs that would apply to us?

I used the links above and our mort is not held by FM/FM. Our house is worth less than what we paid, less than our current loan balance.

Our interest rate is 7% so it would be amazing if we could cut that down.

Plus, our mortgage just got sold to a company with a horrible reputation and I would like to get away from them. $10K for a regular refi is not in the budget right now.

 

[Kellydelly]

Bank of America did not say anything about a meeting. He requested $35 to hold on my credit card to lock in interest rate. Spoke to him today again and he didn't say anything about a meeting. Told me my welcome package was going out tomorrow. Sign papers and fax them back. Has this been anybody else's experience? Also said that with all prepaids and NYS tax stuff my total cost is about $6000. I asked him again that this was through HARP and he said yes. Should I be concerned or does all this sound right.

Our estimated settlement charges are around $3600.

 

[DisneyEater]

Does anyone know of any low/no-cost programs that would apply to us?

I used the links above and our mort is not held by FM/FM. Our house is worth less than what we paid, less than our current loan balance.

Our interest rate is 7% so it would be amazing if we could cut that down.

Plus, our mortgage just got sold to a company with a horrible reputation and I would like to get away from them. $10K for a regular refi is not in the budget right now.

If your loan is an FHA loan, you can look into an FHA-streamline refi which would allow you to refi with no appraisal.

Otherwise it will be difficult to refinance. You can always contact your lender about a modification if you are/will have trouble making payments and they may be able to help you out.

 

[mymeme]

Horseshowmom, how do you look up to see if your loan is held by Fannie Mae or Freddie Mac? My son really needs to look in to this.

Thanks

 

[mymeme]

Horseshowmom, how do you look up to see if your loan is held by Fannie Mae or Freddie Mac? My son really needs to look in to this.

Thanks

Sorry, I didn't read far enough!! The links were posted and yes it's very easy to check.

 

[stm61]

Does anyone know of any low/no-cost programs that would apply to us?

I used the links above and our mort is not held by FM/FM. Our house is worth less than what we paid, less than our current loan balance.

Our interest rate is 7% so it would be amazing if we could cut that down.

Plus, our mortgage just got sold to a company with a horrible reputation and I would like to get away from them. $10K for a regular refi is not in the budget right now.

We're in the same boat. Our rate is 6.5% and I'm less then thrilled with our current company. I called and spoke with the HARP people, their rep said the best advice she could give is to call the current loan holder and ask to have the rate reduced without having to refi. Well good luck with that! Our current company's customer service is horrible and most of the time I can't even get a human on the phone. Apparently they'd rather we go into foreclosure (we're current on the loan but dh got laid off) then reduce their interest rate.

 

[DisneyEater]

We're in the same boat. Our rate is 6.5% and I'm less then thrilled with our current company. I called and spoke with the HARP people, their rep said the best advice she could give is to call the current loan holder and ask to have the rate reduced without having to refi. Well good luck with that! Our current company's customer service is horrible and most of the time I can't even get a human on the phone. Apparently they'd rather we go into foreclosure (we're current on the loan but dh got laid off) then reduce their interest rate.

The best thing you can do is keep calling back and talking to them, especially once your husband is out of work. Mortgage companies do not want your house and the more dire your case gets, the more they will work with you. This is unfortunately the way it works. Ask about any modification programs they have available.

 

[stm61]

The best thing you can do is keep calling back and talking to them, especially once your husband is out of work. Mortgage companies do not want your house and the more dire your case gets, the more they will work with you. This is unfortunately the way it works. Ask about any modification programs they have available.

Fortunately for us, he's gone back to work. Unfortunately, he works construction and hasn't had a 40 hour week since last fall. He's lost 4 days to rain between last Mon. and today. With all the gas he's using to drive to job sites, he's actually making less money then he did on unemployment. For whatever reason, the mortgage company just doesn't seem to care. Their attitude truly seems to be that they don't want to be bothered with anything, until the house is in foreclosure.

 

[sorcerormickey]

We're in the same boat. Our rate is 6.5% and I'm less then thrilled with our current company. I called and spoke with the HARP people, their rep said the best advice she could give is to call the current loan holder and ask to have the rate reduced without having to refi. Well good luck with that! Our current company's customer service is horrible and most of the time I can't even get a human on the phone. Apparently they'd rather we go into foreclosure (we're current on the loan but dh got laid off) then reduce their interest rate.

I hope things work out for you.

We aren't in any dire situation or anything, it's just that I see ppl with interest rates 5+% lower than ours, and it kills me to think of the $$ we are wasting. I guess we are stuck though.

 

[mdsoccermom]

Fannie and Freddie own most of the conventional, conforming mortgages in this country. There existance is basically what allows someone to get a low rate for 30 years.

You would never know if a lender sold your loan to Fannie or Freddie. They don't notify you and you continue to pay whoever owns the mortgage servicing rights on your loan.

We built our house in may 2005. Our mortgage company is Wells Fargo, but according to the linked posted above, Fannie Mae, has actually owned the loan since Nov. 2005. Crazy. I had no idea.

 

[Fueledbycoffee]

Has anyone who is self employed been successful with this?

This will be the 2nd year our business files taxes.

 

[Karlzmom]

Yes, if you were stupid like us & did a conventional, 20% down, non government backed mortgage then they don't give a flying fig & won't refi you.

I WISH I'd only put down 20%. When the market fell it fell hard and took lots of cash with it. It does sometimes feel like by doing it the way we were "supposed" to, we were chumps. Who knew you could buy a house without putting any of your own money into it, not make your payments and then have the government fall all over itself to save YOUR house. On the other hand, if you worked to have good credit and used your own money, well you are just plain out of luck! Not sure when I went down the rabbit hole......