HAMP modification and regular refinance.

krk123

LoanSafe Member
Dec 21, 2008
13
0
0
Hi All,
Need some advice.
I got an HAMP modification on my home in 2010. There was no principal reduction. Just interest rate change from 6% to 4.5%. I have been making all payments on time since then.
This year I am trying for a regular refinance from cash call. I am trying to paydown principal by about 30,000 to qualify for today's low rates.
Just curious if my HAMP modification received in 2010 will have any impact on my regular refinance. I dont have any missed payments and my credit sore is 750+.

regards,
Krk123
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I got an HAMP modification on my home in 2010. There was no principal reduction. Just interest rate change from 6% to 4.5%. I have been making all payments on time since then.
This year I am trying for a regular refinance from cash call. I am trying to paydown principal by about 30,000 to qualify for today's low rates.
Just curious if my HAMP modification received in 2010 will have any impact on my regular refinance. I dont have any missed payments and my credit sore is 750+.
Hello krk123,

If you have not missed any payments since you received the modification back in 2010 it should have no effect on your refinance application. Do you happen to know who owns your mortgage? Before spending such a significant amount in order to qualify for the refinance, you may want to consider looking into HARP if your mortgage is owned by Fannie Mae or Freddie Mac. If it is not, HARP 3 may be coming soon and this refinance program will be for underwater mortgages not just owned by Fannie or Freddie.

http://www.loansafe.org/forum/refinance/50809-harp-3-horizon.html
 

krk123

LoanSafe Member
Dec 21, 2008
13
0
0
Hi All,
Need some advice.
I got an HAMP modification on my home in 2010. There was no principal reduction. Just interest rate change from 6% to 4.5%. I have been making all payments on time since then.
This year I am trying for a regular refinance from cash call. I am trying to paydown principal by about 30,000 to qualify for today's low rates.
Just curious if my HAMP modification received in 2010 will have any impact on my regular refinance. I dont have any missed payments and my credit sore is 750+.

regards,
Krk123
Hi Evan,
Thanks a lot for the response. I havent missed any payments since I received the modifciation. I checked for HARP and I dont qualify. My mortgage is not owned by Freddie or Fannie. My current rate of 4.5 goes up to 5.125 in 2015 and I am just trying to take advantage of the current low rates. thank you.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
No problem, you are correct mortgage rates are still at historical lows and it would be a great time for anyone to take advantage of today's low rates. You should have no problem securing the refinance if you can come up with the money to do so.