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StuckInFLForEver

Advice

  • (20 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

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HARP3 and PMI

Looks like HARP3 is coming soon. Check this link http://themortgagereports.com/13811/harp-3-update-harp-3-0-could-release-even-without-congressional-approvalMy question is i don't have PMI on existing loan. If i refinance with HARP do i need to pay the PMI as i have LTV value between 100 to 110%.

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Waiting for HARP3.0 and Need Advise

Hello,I live in FL and my home is underwater. I am paying 6% interest since 2007 on a 325K house. Current home loan is 245K and home value is 200K. I am not qualified for HARP program as my loan is not govt backed. Good credit history and never missed a payment. Frustrated as i can't take advantage of lower interest rates. Not sure if HARP 3 will pass or not. Thinking of walking away from the home. Any suggestions.

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NON freddie mac/fannie mae remod options

Response

I am also in the same situation. Non govt backed loan. Upside down and current lender not agreeing to refinance. Hope something will pop up for people like us this year !!!!!

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Non Govt Backed Loan and Underwater

My mortgage loan is with Credit Union. Its not with Fannie or Freddie. Underwater.Not eligible for HARP-2 as it was not owned by Fannie or Freddie. I just want to reduce my interest rate (currently @ 6%). Is there any way to refinance.

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Unable to refinance using HARP.

Answer

My loan is still with the DCU. They are not going to sell this loan to Fannie or Freddie. They are not offering the HARP for me. Yes i do need a home to stay and that's the only reason i am paying. But what ever i am paying it is not going to any equity as i have negative equity. Is short sell a good option. Please advice.

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Unable to refinance using HARP.

My home is underwater and currently i am having 7/1 ARM took it in 2007. My lender  is Digital Federal Credit Union. I asked them about HARP and they are saying they are not participating. I am current on my mortgage payments. My interest rate is 6%. Already paid 20% on my principle. Not sure at this stage what to do. Just walk away or wait for some more time. Current loan amt is 250K and Home Value is <200K.

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How often banks sell the loans to Fannie Mae or Freddi Mac?

Answer

I tried all the options.I checked the url and its not with any of them.I think i did a mistake by taking mortgage loan with credit union.Me and my friend both bought a separate home in same time period and each of us went with different lenders for the loan. He went with WellsFargo aand i went with credit union. Both paid PMI initially and both of our homes are under water now. Now he can refinance with HARP and i can't. Because my loan is not sold and his loan is sold. I am not sure how many people are in similar situation. I am trying hard to refinance to the loan as the interest rates are low and mine is 7/1 ARM .

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