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Any advice in WA State for severely underwater home that can't get approved for HARP Refi?

I'm in Washington State, 5 years into a 30 year fixed at 6.75%  (Fannie Mae).
I owe ~$250,000 with a valuation around $150,000. LPMI involved (Radian).
It's a primary (single family) residence, credit score ~720, no missed or late payments, DTI approx 33%.
I am so thoroughly exasperated. Can anyone lead me in the right direction or should I just learn a new swimming stroke?

Thanks in advance.
  • May 03 2012 - Seattle
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Answers (5)

Have you found someone to help you with your situation? I am local and would love to try and help if you would like. Contact me if you are interested
  • February 07 2013
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Profile picture for Cruxxe

Thanks for the replies and the glimmer of hope!

I have tried five lenders so far including my current mortgage company. Three gave me an outright "No" due to LTV. I believe my present lender also had issues with the LPMI but I am not certain what the issues actually were. They were the first folks that I contacted and at the time I didn't realize how complex and difficult this was going to be.
My most recent attempt was by far the most promising until the mortgage banker told me that we would need a home appraisal. Ack! I knew it wouldn't fly and it didn't. After the appraisal came in too low, he said he had one more angle to try and to give him a couple of days but it has now been three weeks.

If there is something else in play here that is causing the difficulties, I am uncertain what it is.

I am definitely going to move forward with an email to Keane. Thanks!

  • May 04 2012
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Cruxxe,

You are in luck, you found the right person in WA and that's Keane. You should contact him to see if he can help you. I'd bet that if he can't do it, no one in WA can.
  • May 03 2012
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Cruxxe,

That doesn't sound difficult at all. The type of LPMI you have have with Radian will determine if this is truly difficult to do.

Some LPMI policies are paid monthly by the servicer.  If you this type, it may be slightly more difficult.  However, Radian is very easy to work with.

The loan-to-value won't be an issue either now that the cap has been lifted. 

That said, if you've only spoken to your bank who holds it, you may hit hurdles.  Feel free to email me if you want more details of your options or directions on how to get this done.
  • May 03 2012
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What has been the main reason your efforts  for  refinancing with the HARP program hasnt  worked ?   ( lenders  denial reasons ?)

Has it been the  fact that the loan has LPMI ?

What lenders have you tried ?

Has a recent appraisal been completed on house?

Who is the present lender ?  Have you tried  asking them for a refi plan ?

Have you tried  recently ? ( I ask this due to the fact the HARP 2.0 program recently came out with more flexibility for  loans with Mtg Ins and LPMI )

Thanks

Dave Skow
  • May 03 2012
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