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The harp 2.0 will not work because of bankrupt Will that ever change? It's been 2 years

Turned down by lender for the harp 2.0. Upside down mortgage 6.62 interest rate
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July 05 2012 - Kent
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Answers (6)

The manual version of HARP-2 doesn't have that BK provision, call your present lender.

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August 08 2012
The easy answer is you will be eligible for HARP 2.0 3 years from the BK, but even then you may not receive an approve eligible, EA I, EA II, or Even EA III.

Have you looked into an FHA short Pay, or is your loan possibly not eligible for HARP 2.0 at all, but maybe insured by FHA or VA? Keep talking with lenders, there are programs out there for you as long as you are current on the mortgage. You should specifically talk with FHA Short Pay Specialists.

There are many hoops to jump through, but you end up recapturing your equity, and getting into a great situation if you make it through to the end.
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August 07 2012
If your loan servicer also originates loan you can apply with them. The same servicer version is available even if there are recent bankruptcy or foreclosure. If your servicer does not originate you are stuck.
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July 05 2012
Chapter 13: 2 years from discharge
Non Chapter 13: 48 months

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July 05 2012
At this point in time, there is no indication from either Fannie Mae or Freddie Mac that they will loosen up the guidelines regarding Bankruptcy. 
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July 05 2012
Unfortunately not since the financing is still based on your credit history and ability to repay the loan. BK puts you at high risk category.
But, on the positive side. 6.62% is still not bad if you look back over the last 10-15 years. I was paying 9.5% on my first mortgage back in 1999.
Plus the housing market will eventually recover. Your other option is to consider a short sale and start fresh. You should qualify even with a BK in 2-3 years.
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July 05 2012
 
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