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Answers (8)
- Robin Armstrong, "Robin Armstrong"
- Contributions:152
You can go to any lender that offers the DU refi plus program. Some limit their loan to value ratio to 105% and a very few will allow a loan to value to 125%.
Please real estate agents stick to your profession and let us loan officers provide accurate advice regarding ours.
Please real estate agents stick to your profession and let us loan officers provide accurate advice regarding ours.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
@ every Realtor on this post,
Chili has mentioned that he is trying to work with GMAC on the HARP. Home Affordability REFINANCE Program. Not Modification. HARP allows the borrower to use any lender who participates in the DU Refi Plus program.
At this point the OP does not need an attorney. He needs a new lender.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Chili -
Listen to the lenders in this thread. Each of the agent seems to think you are trying a loan modification.
There is a big difference between being eligible for HARP and qualifying for HARP. Your assistance group can only determine your eligibility, the cannot determine if you qualify, only a loan originator can do that.
Qualiyfing for HARP is similar to qualifying for any other type of refinance, the only difference is the Loan to Value, and Debt to Income ratios are loosened. I'm also curious as to why GMAC said you didn't qualify, as that should shed some light on what your next course of action should be.
- Daniel Reynolds, "Broker Executives"
- Contributions:355
Exactly. You have to deal with your current lien holder. Best thing to do is get an attorney. Make sure you document all phone conversations and always send them certified mail.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
Tim,
That is incorrect. Fannie Mae owned loans that qualify for HARP may be refinanced by a different lender than the servicing lender. Chili should speak with a different lender before he spends $150 on an attorney.
Chili,
What is the reason GMAC is saying that you do not qualify for HARP? Also, what is/are your current mortgage balances and your homes estimated current value?
And I hope you get your jacket back from Ray Bones.
That is incorrect. Fannie Mae owned loans that qualify for HARP may be refinanced by a different lender than the servicing lender. Chili should speak with a different lender before he spends $150 on an attorney.
Chili,
What is the reason GMAC is saying that you do not qualify for HARP? Also, what is/are your current mortgage balances and your homes estimated current value?
And I hope you get your jacket back from Ray Bones.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
Yes, you can speak with another Lender. Just inform them that you have a Fannie Mae mortgage and you'd like to have a rate/term refinance through the DU Refi + Program. You will need to make sure that your mortgage is not greater than 125% of your Appraised Value. The 3 Step Program is a Marketing Program by Wells Fargo for their borrowers.
- Stephanie Weiss, "Stephanie Weiss"
- Contributions:88
Keep digging and demand to talk to someone else. You could be talking to someone that knows nothing and that would not be uncommon. You can't go to another lender for the HARP program as I understand it. If you continue to run into a problem, contact http://www.brownmemmottlaw.com/. They are close to Gilbert (on Ray & Pecos I think in Chandler) and have a VERY reasonable consultation fee of about $150. Good luck to you!
- Tim Moore, "Kitty_Hawk_NC"
- Contributions:151
You have to deal with the lender who has the mortgage on your property.
GMAC is my Fannie Mae Mortgage holder, & have been less than cooperative, can I go to another lender
GMAC told me I don't qualify for Harp, but the assistance group for the Gov Harp program tell me I do. Even conference called with GMAC--my helper agreed they were being condescending and rude. Can I go to any lender, and what is the 3 step?
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