Comments on: Major changes to the HARP program announced https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/ Information and Updates on Government Mortgage Programs Tue, 21 Feb 2012 07:45:54 +0000 hourly 1 https://wordpress.org/?v=6.2.2 By: Lorna Souza https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-53517 Tue, 21 Feb 2012 07:45:54 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-53517 Based on stipulation #2., (2. A full appraisal will not be required in all cases. Reports are that in some cases an automatic valuation system may be used.), How does one know if they need an appraisal or not?

]]> By: Steve https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-53487 Mon, 20 Feb 2012 21:52:40 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-53487 I closed on our lone in June of 2009 so we are just a few weeks beyond the May 2009 cutoff. Has there been any indication that this date might be moved forward at all?

]]> By: Michelle https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-48854 Wed, 28 Dec 2011 20:53:53 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-48854 Nicole and Paul,
Even though you’re both in a conventional loan, it could still possibly be owned by Freddie Mac or Fannie Mae and you wouldn’t know it until you looked it up. If you google Freddie Mac or Fannie Mae Loan Lookup, you will find a place to enter in your information to see if your loan is owned by either of them.

]]> By: Missy https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-44110 Wed, 09 Nov 2011 21:13:42 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-44110 Our Fannie Mae loan secured in Dec. 2007 is with Bank of America and we are about $12K underwater. I contacted them to get a modification and was told BOA cannot help us because we are current with our mortgage payments. I was advised that unless we default there is nothing they can do. They left me a voice mail message saying this just this AM so I would say the supposedly new rules are not in effect yet.

]]> By: Nicole https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-44104 Wed, 09 Nov 2011 18:56:42 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-44104 I had the same question as Paul Kaminer, posted 11/4/2011, but in addition to his question, no where on my loan docs does it say who my loan is backed by, My mortgage is with CitiMortgage, how do I find out the company that “backed my loan?”

]]> By: Paul Kaminer https://www.governmentrefinanceassistance.com/the-homeowner-affordability-and-stability-plan/major-changes-to-the-harp-program-announced/#comment-43781 Fri, 04 Nov 2011 17:19:22 +0000 http://www.governmentrefinanceassistance.com/?p=1736#comment-43781 Just this morning I called Wells Fargo to see if they would do anything about modifiying our loan. OUr home was assessed at less than half it original purchase price back in 2007. Apparently we are at about 150% of loan to value. SO they said no can do. I’m hoping that if I understand this correctly, that restriction is going to be lifted. I’m not clear about one thing, our mortgage is held by Wells Fargo and I believe it was a conventional loan, not FMae or Fmac..so does that preclude us from taking advantage of this new twist on the HARP modification?

[Admin response: Unfortunately yes. The new HARP refinance program only applies to conventional loans that are already backed by Fannie or Freddie. If you have a conventional loan that is not backed by Fannie/Freddie and are underwater your best bet is probably to seek a loan modification with your current lender.]

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