Harp 2

Dunter

LoanSafe Member
Jul 31, 2013
17
0
0
Is it true you can re-fi with a harp 2 participating lender? My home is underwater I have a loan with wells Fargo/asc I am currently trying to a modification which is taking forever and honestly can't stand them. I would rather refi with harp 2 my loan is not Fannie or freddie. Do I just call up a mortgage company and ask them to refi an underwater mortgage? And if this is true what lenders are trustworthy and has anyone done this?
Thanks totally frustrated...
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Is it true you can re-fi with a harp 2 participating lender? My home is underwater I have a loan with wells Fargo/asc I am currently trying to a modification which is taking forever and honestly can't stand them. I would rather refi with harp 2 my loan is not Fannie or freddie. Do I just call up a mortgage company and ask them to refi an underwater mortgage? And if this is true what lenders are trustworthy and has anyone done this?
Thanks totally frustrated...
Welcome to the LoanSafe community Dunter.

Unfortunately, as of right now HARP 2 only allows mortgage backed by Fannie Mae of Freddie Mac. We've been anticipating the new and improved "HARP 3" that should include all mortgages, not just those that are backed by Fannie/Freddie..

Bill Introduced to Provide Refinance Options for All Underwater Homeowners | LoanSafe

Oregon Senator Jeff Merkley introduced the Rebuilding American Homeownership Act (RAHA) to help middle class families who have been unable to secure a refinance due to their negative equity position. The legislation will save countless middle class borrowers from losing their homes. HARP will be the starting point of RAHA, so that all borrowers will have equal refinancing opportunities.

Under RAHA, HARP will be modified to enable “non-federal†backed loans to qualify for an underwater refinance, direct the GSEs to price for the risk they would be assuming and institute an automatic sunset for this program after two to three years. RAHA seeks to seeks to help struggling homeowners to lock into a lower interest rate and reduce their monthly payments.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Dunter

Is it true you can re-fi with a harp 2 participating lender? My home is underwater I have a loan with wells Fargo/asc I am currently trying to a modification which is taking forever and honestly can't stand them. I would rather refi with harp 2 my loan is not Fannie or freddie. Do I just call up a mortgage company and ask them to refi an underwater mortgage? And if this is true what lenders are trustworthy and has anyone done this? Thanks totally frustrated...
Thanks for your post. You might visit the following thread. Loan broker Erik Sandstrom's contact info can be found there. I recommend you contact him. http://www.loansafe.org/forum/fha-loans-requirements-rates/76756-recent-fha-changes-effective-april-1st-2013-a.html
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Please don't be sorry, there's a lot to learn when it comes to guidelines and specific programs available to help lower your payment when underwater.

Keep us posted!