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So if not Fannie Mae/Freddie Mac and way underwater, there is no program?

My home is almost $200,000 underwater. I pay my taxes. I pay my mortgage on time.  I have excellent credit.  Why can't I get assistance from the government or Bank of America?  The house is aging and putting money into it for repairs makes no sense without some concession from the bank.  Any suggestions?
  • September 26 2013 - Richmond
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Answers (5)

Don't wait for  3.0 or Godot....You have only  one loan?  Find out from B of  A who actually owns the note. (Do everything in writing)  They are required to tell you. Write to them asking for a rate reduction, provide some comparables from Zillow, fire insurance, your last paycheck stub  and a heartfelt explanation of why an executive for the  pool  that  owns your note should cut the rate. 
  • December 10 2013
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"Google HARP 3.0 program. We as loan officers are standing by while congress passes this updated program."
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Yes, this program should be out immediately after this equally anticipated event:


  • September 26 2013
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Profile picture for jmartyinva
B of A will not refinance because the property will not appraise for anwhere near what I owe.
  • September 26 2013
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Google HARP 3.0 program. We as loan officers are standing by while congress passes this updated program. It will allow all borrowers whether their loan is serviced through Fannie Mae or Freddie Mac to refinance throught the HARP program. Hopefully by the end of the year/early 2014 it will be passed.

Good Luck!

  • September 26 2013
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Bank of America refinanced my home no questions asked, it was quite smooth, they even paid the tax stamps for the refi.
Instead of asking for a loan mod, did you at least refinance down to the lowest rate available?

Best wishes, Jim
  • September 26 2013
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