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Keep getting "No" when asking about HARP

Hi,
We have a GMAC 1st mortgage, and did a HAMP modification about 3 years ago. It didn't help much, saved about $200 a month, and we are still underwater and can barely afford the mortgage payment.
I have called numerous people at GMAC for assistance and keep getting a canned answer the we do not qualify for a HARP refinance since we did a HAMP.
Is this universally true, or only true for GMAC?

Also, when I was insistent on a different answer, I ended up speaking with a refinance person at GMAC who told me that there is a new HARP program currently being considered in Congress - he called it "HARP Level 3" - and that it is geared toward folks like us.
Is there any truth to this?

I am trying to avoid short sale or foreclosure.

Thanks.
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August 09 2012 - Town of Hooksett
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Answers (3)

Profile picture for user2138142
When we modified with HAMP through GMAC, the loan was transferred to Fannie Mae.
I have read that loans created after 2009 do not qualify. Our loan was not transferred to Fannie Mae until 2010.
So, our loan has been with GMAC for 8 years, but only with Fannie Mae for 2. Does this mean that we do not qualify?

Thanks.
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August 10 2012
Do you have a Fannie Mae or Freddie Mac loan?   In May Fannie Mae began allowing HARP refinance of loans that were previously modified in HAMP.   If you have a Fannie Mae loan and GMAC isn't helping, you can apply at any lender that offers HARP and find out if you can get approved in the "DU Refi Plus" version. 

If you have a Freddie Mac loan, modified loans are not eligible for HARP.
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August 09 2012
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Have you bumped into Zillow's underwater resource center yet?  Here's a link
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August 09 2012
 
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Keep getting "No" when asking about HARP
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Latest answer by user2138142
August 10 2012 | 3 answers
  • Asked by user2138142
  • In Refinance
  • August 09 2012
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