Profile picture for Bnpiferone8

WV HARP Loans

I am
currently with GMAC and have a first mortgage of $180,000 which is a 6.9%
Interest only ARM and a second mortgage of $19000 which was a 9% rate and they
just modified it to 5.35%. They would not modify the first however stating that
because I am current on the loan I obviously don't need a modification!!!

I was told that I qualify for the HARP program but when I contacted GMAC they
said that because I live in West Virginia that they can only loan up to 100% LTV
not the 115% that I need. My house appraised at $225000 TWO YEARS AGO AND NOW IT
IS ONLY APPRAISING AT $175000 DUE TO THE WAY THE APPRAISER ARE NOW APPRAISING!!

I am stuck! I can Refi the loan. I cant Modify the loan. I cant even sell the
home because I owe more then it is worth!!

Can anyone help me???

Barry
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October 19 2010 - Vienna
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Replies (2)

Barry, unfortunately I hear stories similar to yours more and more these days. Although HARP is out there and other loan modification programs are said to exist with banks, getting them to help you with one is an entirely different matter. It is extremely frustating for homeowners. Let me ask you this, are you wanting to sell your home? If so you may qualify for a "short sale". Short sales do require certain guidelines to be met. They are time consuming with no guarantees however they can get you out from under a hefty mortgage payment.

Feel free to contact me if you'd like more information
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October 19 2010
If you owe 180 on 175 value, your LTV is below 105 and there are several HARP lenders that can do that loan.

I assume you were also current on payments on your 2nd when the modified?   As long as no mortgage loan delinquency or 60 day or worse in last 12 months, you would appear to be eligible and can apply elsewhere.
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October 19 2010
 
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