HARP 2.0 for EMC/Chase

poskeyreunion

LoanSafe Member
Apr 5, 2012
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0
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Long time lurker, first time poster. Bought in Cali in 2006 with 80/20 financing for 305,000. 80 was with EMC and was sold to Chase. Home is now worth 139,000. Current. Don't qualify for mods. Didn't qualify for HARP thanks to crummy LTV. Was delighted to hear about HARP 2.0 last year (especially when Chase would ask if I wanted to roll the 20 into the 80 and do a 25 year fixed refi etc) and have been calling Chase for months and months and getting the "call back in 30 to 60 to 90 days" with a different excuse every time.

Latest word is Chase is now finally participating in HARP 2.0 (though this time around they said they are not touching second liens), but I don't qualify yet because my loan originated with EMC. Call back on June 1st 2012. Reason given was something to do with Fannie/Freddie policies. Has anyone had any luck with 2.0? Any luck with a Chase HARP ever?

Am I just being strung along? I've striven to stay current, but if the U.S. passes an extension on the Mortgage Forgiveness Debt Relief Act (which when the hell are they going to do that already btw?!) then I'm thinking about ditching my 20 and taking the hit.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
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eyesnine

LoanSafe Member
Feb 23, 2012
10
0
0
Long time lurker, first time poster. Bought in Cali in 2006 with 80/20 financing for 305,000. 80 was with EMC and was sold to Chase. Home is now worth 139,000. Current. Don't qualify for mods. Didn't qualify for HARP thanks to crummy LTV. Was delighted to hear about HARP 2.0 last year (especially when Chase would ask if I wanted to roll the 20 into the 80 and do a 25 year fixed refi etc) and have been calling Chase for months and months and getting the "call back in 30 to 60 to 90 days" with a different excuse every time.

Latest word is Chase is now finally participating in HARP 2.0 (though this time around they said they are not touching second liens), but I don't qualify yet because my loan originated with EMC. Call back on June 1st 2012. Reason given was something to do with Fannie/Freddie policies. Has anyone had any luck with 2.0? Any luck with a Chase HARP ever?

Am I just being strung along? I've striven to stay current, but if the U.S. passes an extension on the Mortgage Forgiveness Debt Relief Act (which when the hell are they going to do that already btw?!) then I'm thinking about ditching my 20 and taking the hit.
hi poskeyreunion,

I was wondering if you had any luck with Chase. I was given the run around also ... to my demise, I was robbed $395.00 application fee only to deny my loan because Chase was not refinancing EMC loans under HARP.

Let me know if you had any luck with them. I tried other banks, and they say that they're only doing HARP 2 loans to those within house first....they don't know when they're going to implement other banks.
 

poskeyreunion

LoanSafe Member
Apr 5, 2012
7
0
1
I finally got fed up with Chase and called a number on one of those suspect looking letters that come in the mail promising a Harp 2.0 refinance. I was wary, asked the loan officer I talked to a billion questions, researched the company on the internet, and from what I could tell, they seemed legit. I went ahead and paid the $300 non-refundable application fee figuring if I lose it, I lose it. In about a month and a half, got my Chase balance at 7.25%; refinanced into a new 30 year fixed at 4.375% with about $5000 in closing costs rolled in.

Checked my Chase account today and the balance has been paid off and taken over by the new lender. After years of not qualifying for HARP and then getting jerked around by Chase on Harp 2.0, I am shocked/thrilled that this went through. Will update with more info when we start making new payments in September.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Sounds good, Congratulations on the completion of your refi!
 

jrmurad

LoanSafe Member
Jun 23, 2014
2
0
1
35
I am in the same situation with HARP 2.0. Chase has the loan but they and two other lenders I have called all run into the same problem with Fannie Mae saying its not eligible because EMC is the lender of origin. Can you please tell me which lender was able to process your refinancing?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
If you need help with HARP 2.0 in Florida, please don't hesitate to ask. We are licensed in the state of Florida.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
We are able to manually underwrite HARP loans if you're not receiving an Approve/Eligible Feedback.