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- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Your last refinance was in Dec 2009. HARP eligibility requires that the existing loan was originated before Mid 2009.
- campuschill
- Contributions:8
So am I out of any options.
- sunnyview
- Contributions:25139
It sounds like you aren't eligible for HARP due to the refinance. I think your best bet is to contact Wells Fargo and see if they will agree to refinance your mortgage on a longer term as part of a loan modification.
I don't know if you would qualify for that either unless you can show a hardship with employment, divorce, relocation for work etc, but you have to ask them. There are a lot of people in this situation who are deep underwater. In comparison, your numbers are not that far off so Fargo may be willing to do something especially if your employment is stable. It's worth a try.
I don't know if you would qualify for that either unless you can show a hardship with employment, divorce, relocation for work etc, but you have to ask them. There are a lot of people in this situation who are deep underwater. In comparison, your numbers are not that far off so Fargo may be willing to do something especially if your employment is stable. It's worth a try.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Yes, you likely already used your HARP in the 09 refinance.
At this point refinance will not be an option. Keep an eye on the program guidlines every so often. It had been extended and expanded a few times. If the origination dates were to be moved forward at some point, that could re-open the door for you.
At this point refinance will not be an option. Keep an eye on the program guidlines every so often. It had been extended and expanded a few times. If the origination dates were to be moved forward at some point, that could re-open the door for you.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
You are out of options (for a HARP refinance), but that may change. There is a new proposal to expand and change the program to allow many more people to take advantage of today's low rates.
I don't know if Washington DC is able to put through such legislation in today's political climate but it seems like a no brainer to me. With the government already guaranteeing these loans how can it hurt to allow people to refinance to a lower interest rate and payment? There is no additional risk to investors, risk actually goes down with the monthly payments...
I'm sure you'll hear about it if/when this changes. I think it will be soon if it does in fact happen.
Sincerely,
Greg
- campuschill
- Contributions:8
Thanks sunnyview, Justin and Greg. Grep I hope the new plan you are talking about shows up. I am almost wondering if I should be walking away from the property.
- William Chu, "ChusYourLender"
- Contributions:13
FYI I am with Wells Fargo. If your last refinance in 2009 was completed under HARP guidelines, then your current mortgage may not be eligible again to benefit from HARP again.
If your mortgage is a Freddie Mac mortgage, your best bet is to initiate any refinance process with Wells Fargo, your servicing Lender.
This said, there are pending discussions about changes to HARP so I recommend you check in periodically about your account.
- sunnyview
- Contributions:25139
I know it is a tough situation. For now, you have to get all your current options, talk to your lender and make an assessment of what to do right now. No can can say what programs will come or won't.
It's sort of like the homebuyers who got government money when they closed in a buyers credit. Some got the buyers credit they had to pay back, others got the one they didn't have to pay back and some got none at all. All you can do as a homeowner is make the best choice you can at the time.
It's sort of like the homebuyers who got government money when they closed in a buyers credit. Some got the buyers credit they had to pay back, others got the one they didn't have to pay back and some got none at all. All you can do as a homeowner is make the best choice you can at the time.
- Jeff Wilde, "ScottsdaleLender"
- Contributions:6
The last time you refinaced was after the cut off date of May 31 2009...why didn't wells fargo explain this to you?
- campuschill
- Contributions:8
During my last refinance in Dec 2009 I did have 20% equity. I am not sure if HARP was used during my previous re-finance, how can I find this. I did call WellsFargo but was told nothing can be done. However I just talked to a representative and not sure if he was well informed of other provisions.
Based on Chu's comment does that mean I might be still eligible for HARP if that provision was not used in Dec 2009. Currently Freddie Mac look up shows the 2009 refinance is owned by them.
Thanks for helping me through this.
Based on Chu's comment does that mean I might be still eligible for HARP if that provision was not used in Dec 2009. Currently Freddie Mac look up shows the 2009 refinance is owned by them.
Thanks for helping me through this.
- sunnyview
- Contributions:25139
If your mortgage is with Fargo, I would go into a local loan branch of they have one and ask to speak with someone who is experienced with HAMP. Bring your loan papers with you.
Some phone agents are better than others and at least if you go in person you can judge the quality of the help being offered.
Some phone agents are better than others and at least if you go in person you can judge the quality of the help being offered.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
It doesn't matter if you did a HARP refinance or a regular refinance in Dec 2009. All that matters is the loan originated in Dec 2009 and that fact alone currently disqualifies from a HARP refinance.
There is more and more chatter about the program being revamped and extended. As mentioned earlier I would keep a close eye on those developments and look to apply again if the orgination dates are pushed forward again.
There is more and more chatter about the program being revamped and extended. As mentioned earlier I would keep a close eye on those developments and look to apply again if the orgination dates are pushed forward again.
- Tim T Wells
- Contributions:63
Hi Campuschill,
I am Wells Fargo Mortgage Consultant. If you have any questions in regards to your loan, you can give me a call/email.
I will be happy to look up your loan information to see if we currently have a Real Estate Value for your property and what's your current Loan to Value is.
Tim T
- Craig1976
- Contributions:69
You may get bigger relief very soon. The Fed has decided that since is out of ammo in every area of monetary policy, it will now target mortgages. Not only are rates going to fall, the government is rumored to be lifting the 125% LTV cap on HARP which means Vegas and Florida can refi en masse. Christmas is coming early for mortgage brokers in those areas.
- Pghpdx
- Contributions:84
I am almost in the same boat as you are.
But this is my FIRST refi..
I have been working on my HARP for about a month?
So you guys think that rates are gonna fall even more?
Maybe I should wait to lock? Hmmm?
What do you think?
Anyhoo...yes this HARP is a PAIN know one seems to know what the heck is going on. Apprasals... i shouldn't need one but whooo knows for sure?!??! maybe they do maybe they don't but I shouldn't as per HARP!
They also don't need to know my income if it is harp but the wholesaler asked..... What the??? It is like the whole point in HARP is to help those who are a little bit underwater on the LTV and are A+++ credit and A+++ with payments. No one seems to know how to process these the right way. Chase in my area said unless they are my servicer they can't help me. Told me to call someone else that they have no idea.....even tho they are listed as the largest servicer in the USA for HARP. My real servicer is just some weird website...mortgage questions site. No real name just some letters.
But this is my FIRST refi..
I have been working on my HARP for about a month?
So you guys think that rates are gonna fall even more?
Maybe I should wait to lock? Hmmm?
What do you think?
Anyhoo...yes this HARP is a PAIN know one seems to know what the heck is going on. Apprasals... i shouldn't need one but whooo knows for sure?!??! maybe they do maybe they don't but I shouldn't as per HARP!
They also don't need to know my income if it is harp but the wholesaler asked..... What the??? It is like the whole point in HARP is to help those who are a little bit underwater on the LTV and are A+++ credit and A+++ with payments. No one seems to know how to process these the right way. Chase in my area said unless they are my servicer they can't help me. Told me to call someone else that they have no idea.....even tho they are listed as the largest servicer in the USA for HARP. My real servicer is just some weird website...mortgage questions site. No real name just some letters.
- sunnyview
- Contributions:25139
When I did HARP, I did not need an appraisal, but I did it through my original lender so it might be different for other banks/situations. Rates are on their way down and the HARP program does not expire for a little bit.
I would watch your loan to value though as prices in OR are still falling. Do not get too close the the 125% line for HARP or you might be more limited in your options even if rates move lower. Keep your options open for another week or so. I think more details about the new programs are supposed to be coming out.
I would watch your loan to value though as prices in OR are still falling. Do not get too close the the 125% line for HARP or you might be more limited in your options even if rates move lower. Keep your options open for another week or so. I think more details about the new programs are supposed to be coming out.
- Pghpdx
- Contributions:84
Oh I just saw on mortgage news website that WFargo is up to their eyeballs in refi for harp and they can't do anymore or they will have issues?!? Look it up for yourself and you be the judge but that is just what I read a few min ago....
- Kim Melendez, "kmelendez"
- Contributions:238
Just because values have come down does not mean you will qualify for the HARP loan must be originated in Dec 2009.
- Brian Stephens, "RenovationLoanGuy"
- Contributions:3
The current loan needed to be delivered to FNMA/FDMC prior to 5/31/09 to be eligible.
- sunnyview
- Contributions:25139
Goodness gracious. According the the making home affordable website, your loan has to have been made by January 1, 2009 and be owned by Freddie or Fannie. The full eligibility requirements and free help is available on the government sponsored HARP information website.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Sunny the Jan 1 date is for the HAMP program (modification).
HARP eligibility dates are set by Fannie and Freddie. Both now currently require that the agency owned the loan prior to June 1, 2009. When the program first came out, Fannie's cut off date initially was March 1, 2009, but they later moved it up 3 months to open up eligibility to more homeowners.
HARP eligibility dates are set by Fannie and Freddie. Both now currently require that the agency owned the loan prior to June 1, 2009. When the program first came out, Fannie's cut off date initially was March 1, 2009, but they later moved it up 3 months to open up eligibility to more homeowners.
- sunnyview
- Contributions:25139
Thanks for the catch on that Justin.
- Kim Melendez, "kmelendez"
- Contributions:238
Because of the fact that you refinanced in 2009.
- Terry Chandler Tucker, "tctucker"
- Contributions:71
It seems that your last refinance was in December 2009. HARP eligibility dates are set by Fannie and Freddie. Both now currently require that the agency owned the loan prior to June 1, 2009. You may want to verify that information with your lender.
- Tom Sato, "Tom_Sato"
- Contributions:3
HARP is only eligible for loan that were originated on, or prior to 5/31/2009.
- ssphotodesign
- Contributions:6
you'd walk away from a loan just because you're 10% down (by zillow estimate)? By all means, pass the loss on to the bank, since it's their fault you bought a house only to have a recession lower the value. Ive never understood this mentality. try the same with a car. 6 months after you bought it, you have already lost 20%. better walk away from that loan as well. never mind your credit worthiness. sorry to sound so crass, but where did personal resposibility go?
I may be wrong, and you actually cannot afford to pay the loan. However just walking away, when you are perfectly capable of making good on your debt is just silly.
I may be wrong, and you actually cannot afford to pay the loan. However just walking away, when you are perfectly capable of making good on your debt is just silly.
- campuschill
- Contributions:8
ssphotodesign, I wish I was only 10% down. I am 40% down as of today from the original purchase price and not sure when this downhill will stop.
- Mark Honnell, "Mark Honnell"
- Contributions:2
Since the subject of being "under water" has come up in the conversation, perhaps we need to view our places of residence as more of a "home" rather than an "investment". I know for some, this may sound absurd, but times are changing.
Wishing you the best....
Wishing you the best....
- Brett Gambrel, "brettjgambrel"
- Contributions:7
ask questions, lots of them. harp is clearly not the answer. ask wf for a conventional rate and term and see what they come back with. empower yourself, do not think you are stuck b/c the bank of all people says you are.
Why I am not eligible for HARP?
http://www.makinghomeaffordable.gov/get-assistance/explore-eligibility/Pages/eligibility.aspx reports I am not eligible as well. I am not sure why?
What are my options, I want to at least change from a 15 year fixed to a 30 year at a minimum.
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