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I have a first and a second Mortgage can I refinance??

I have a first and a second Mortgage can I refinance the into one loan under the new HARP 2.0 program???
  • February 23 2012 - Carmel Mountain
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Answers (7)

HARP will require that you subordinate your second mortgage. 

www.harp2012.com is a great resource. 

Daniel
  • April 11 2012
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Here is a link to the New HARP, questions you should contact a lender that is familar with the program.
http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

  • February 26 2012
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As John said Harp2 will only allow you to refinance your existing 1st mortgage.  Best bet is your current servicer but some other options are available.

Some basic guidelines include your loan needs to be a fannie mae or freddie mac loan prior to June of 2009.
  • February 23 2012
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Talk with your lender to see. They will best be able to answer the question for you .
  • February 23 2012
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I am curious to know if you are updside down on your mortgage or not. If you have equity, you have more options. As far as what Harp 2 will be able to offer you, it is hard to say yet...often times the government programs are like playing the lottery, I would never tell people not to play, but your odds are very slim. If you are in a position where you cannot afford your mortgage, it is best to learn all of your options. In CA there is short sale forgiveness through the end of this year only, as long as there is a hardship of some kind, on your primary residence and many banks will pay you to short sale. We are all here to help if you have more questions!

Good Luck!!

Chris

  • February 23 2012
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HARP 2.0 is for existing Fannie Mae and Freddie Mac loan.  Your second loan would not fall into that category.  However if your second lien holder is willing to subordinate (release the lien on title so that you may refinance your first mortgage and then resume the lien in second position) than you may be able to lower your interest rate on your first mortgage and save some money.  What is your total amount owed between the first and second mortgage and what do you think your home is valued at today?
  • February 23 2012
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Patience:)  HARP is new and all new programs require investors to accept and come up with creidt overlays and rates depending on the risk. Harp could possibly help you but until we have investors willing to take the risk the program is still pending according to my in house programs:)
  • February 23 2012
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