Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for mgregus

HARP 2.0 Question

I currently have my mortgage serviced by Bank of America.  We have never missed or been late on a payment, we did however go through the Making Homes Affordable program 2 years ago. (What a nightmare).  We want to take advantage of the great rates right now (our current rate is 5.125%) and get away from BOA.  The problem is that our mortgage is more than our house is worth.  My question is it possible to refiance under the HARP 2.0 program with a different Mortgage provider?
  • May 24 2012 - Santee
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Best Answer

Profile picture for CA Direct Lending
Yes, it is!  If you go with a broker, you won't have to worry about that since B of A isn't lending in wholesale anymore.  If you choose a retail bank, just choose anyone besides B of A to work with.  
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Roseville Loan Guy
mgregus,

If you already did a HARP loan two years ago you will not be able to do another one. Your loan has to have been originated and delivered to Fannie Mae before June 1st, 2009 (which really means it would have probably have had to been closed before the end of April 2009 to have been delivered by June 1st).

Or did you mean a Making Home Affordable modification rather than a refinance? If so you might be in good shape for a HARP 2.0 loan, depending on when your current loan was originated.

Sincerely,
Greg
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Until May 15th, loans already modified in HAMP were NOT eligible for refinance in HARP 1 or HARP 2.0.    On May 15th Fannie Mae released a memo that announced modified loans would be eligible, so this is a very recent development and lenders haven't even had a chance to modify their own guidelines to accomodate this yet.

I have not seen any announcement by Freddie Mac on this topic, to my knowledge loans that were modified in HAMP are not eligible for HARP refinance.   This of course could change soon as Fannie and Freddie tend to align their selling guides.

I'm unclear from your post if your HAMP ever completed.   If it did complete, you might be shut out at this point since you have a Freddie Max loan.  If it did not complete and you have been on time for the last 6 months, and no more than 1 30 day late in the 6 months prior to that, you would be eligible.
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CA Direct Lending
You said you already refinanced with the original HARP so there was no reason for anyone to believe you weren't eligible or HARP 2.  This is why I said, "Yes!"

You should be able to shop for a good lender in the Zillow Mortgage Marketplace.  Let us know if you need any more help and good luck!

Ray
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mgregus
Yeah the loan was taken out before 09 ( I believe Dec 07).  The loan is with Freddie Mac.  When we had our mortgage modified ( I believe in 09) they modified the original loan to get a lower rate. They (BOA) said they didn't change the loan number or anything like that. But then again BOA dragged us through the mud saying we missed payments even though we made all trial offers on time.  Had to write a letter to the CEO because they dinged our credit, ughhh it brings back horrible memories for my wife who spearheaded the effort.  
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brian GFL Capital
Probably not.
your current loan would have to be insured by Fannie Mae or Freddie Mac and sold before June 1, 2009

i would suggest looking up your property here
http://www.fanniemae.com/loanlookup/
or https://ww3.freddiemac.com/corporate/

and see if its insured by either. if so and it was taken out prior to 6/1/2009 you might be HARP eligible
  • May 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.