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HARP 2.0

We only own one investment property that is currently under water and we don't even own our current home we're living in (we're renting due to growing family).

Are we eligible for HARP 2.0? Never been late on any payments and have secure jobs and high credit scores.

Thanks,

  • April 14 2012 - Downtown
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Answers (6)

Best Answer

If your loan is owned by Fannie Mae or Freddie Mac and was sold to them by May 31, 2009 then you will be an excellent candidate for HARP 2.0.

The Freddie Mac Open Access version typically will approve loan amount up to 100% of their HVE (value estimate) on 30 year Investment Property, and will approve higher Loan to Value on shorter term loans such as 20 years.

The Fannie Mae version is more forgiving and will approve at high Loan To Value.

If you are able to confirm you loan fits the above criteria feel free to contact me through my profile and we can take a closer look at what might be available to you.

  • April 14 2012
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I'd like to hear if that comes true 
=================
uh....it's been true ever since HARP rolled out.
  • April 15 2012
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Profile picture for Sandykayhomes
Good to know that non-owner occupied properties have a chance for HARP money. I'd like to hear if that comes true.
There is no doubt that I am seeing more properties that go into short sale status reinstated to the buyers then in the prior 2 years so the banks clearly are facilitating the process of communication with owners regarding upside down mortgages. In most cases it takes due diligence by the owner and a facilitator.

In any case my point was consideration should be taken to deciding whether the asset is worth keeping long term.
  • April 14 2012
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Profile picture for Keane Ng
Yes, you may be eligible.  Justin's advice regarding the dates is accurate. 

To avoid the 100% LTV range Justin is talking about, you may have to apply with your current lender.  If your loan is backed by Wells Fargo, you can work with a Wells Fargo approved broker and still get a higher loan-to-value loan done if your loan is backed by Freddie Mac.

If it's backed by Fannie Mae, I would definitely shop around since they're more lenient on loan-to-value.

Feel free to email me if you need a referral to someone in your state.
  • April 14 2012
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I have no idea what Sandy is talking about since no one said a word about a modification. 

Investment properties are eligible for HARP and it doesn't matter if it was originally a primary residence or not. Check to see who owns your mortgage and when it was originated.
  • April 14 2012
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Profile picture for Sandykayhomes
My understanding is that if your investment property was originally a primary residence you may be able to refinance under HARP. Your reasons for not living in the residence may be considered depending upon who handles your loan modification. Generally speaking it is best not to default on the loan even if you are spending money to keep a tenant in a home that is not paying the negative on the property until you have thoroughly evaluated your financial situation and the future value of your asset. It is generally free to consult with an attorney or professional loan modifier initially. I would suggest speaking to at least 6 people before your next move. Additionally contact a real estate agent and try to determine the future value of your property compared to what you are losing on a yearly basis. Call the first mortgage holder and begin the discussion of loan modification process. Do not take no for an answer until you are put in touch with a person that is calm experienced and well informed. Ask your CPA to demonstrate the financial advantage or disadvantage of keeping the home.
  • April 14 2012
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