Harp 2.0 freddie mac caution
It appears you are self employed and there are several ways to calculate your gross income based on the documentation you submitted to Countrywide. I currently have a year fixed at 5. Now, it appears that item is no longer considered. When my mortgage co. Thank you for the information about M. Very helpful. It sounds like there are very few experts on the subject just yet. Here are a couple of questions I have:.
Is that true? If so is it the program or just the banks or just some banks? Does anyone know the particulars of that wave and whether it will allow the combination of 2 mortgages without picking up PMI? On your second question, about having a first and second mortgage, this is what the government has to say:. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
More details about modification for second mortgages have now been released. Second Mortgage Modification. The thing that bothers me is that the second mortgage was purchase money to begin with,not a home equity loan! Im afraid our opportunity to lock in historically low rates are passing us right by. Right now, our rates are 6. Anyone have advice besides the Loan Mod?
We are current on our payments and good scores. Any ideas on how I can get through to them? This is very frustrating! I would continue to call Wells Fargo every week as Servicers are just beginning to implement and train their staff on the new underwriting guidelines. So each time I have called Wells Fargo they give me a different answer as to why we do not qualify. This is absolutely frustrating!!! Same for me. I get a different story every time I call Wells Fargo 4 times now. First two times, they verified that I was eligble and put on a waiting list. They never contaced me. I started buggin them 2 months later and now they say I am not eligible because my current mortgage has PMI.
I contacted the folks at the government Home Affordability and Stability web site and they say they have no knowledge of such a requirement. I am beginning to think this HARP stuff is all a scam. Has anyone actually got one of these refis? I contacted wells fargo last week, and they said. I am not eligible for home affordable refinance because I am paying PMI on my existing loan.. Who this program is supposed ot help, un fortunate buyers that are suffering to pay the banks or the banks.. I am also with Wells Fargo and got the same answer. After talking to about 4 people at Wells Fargo, someone finally told me Wells Fargo is denying the loans with PMI due to system limitations.
The system limitations are not our fault. I was also told they are still trying to figure out how to handle the people paying PMI. I will try to reach them out again this week. Hopefully, we will hear a different answer from them soon. But if anyone hear anything sooner, please update the thread. BTW, Can we reach out to another firm for refinance or do we have to stick with Wells for this refinannce program? Obviously the PMI company must approve. I would ask Wells Fargo to provide the Cert and phone for PMI company and contact them directly, to get the approval process started.
First, this is one of the most helpful articles on refinancing and loan modification I have read so far, thank you. I have heard that with a loan modification you have to basically prove that you can not make payments. They can prob. Both are retired with limited income and are truthfully in need of some help. My Q: just by virtue of the fact that they own these 2 homes, will it automatically disqualify them for a loan modification?
Or is this just one factor? Thanks for any help. First reason, the properties must be owner occupied to be eligible. There are 2 questions I have about this program that I cannot get information one. Can someone help?? Our bank said we needed a Unfortunately, my husband is just below that at For example, i found one that had this requirement:. A couple of points:. This is different from Freddie Mac-backed loans where a minimum credit score will not be applicable.
I am going through a refi of my home that is with Fannie Mae — however it appears the services has met an impass with PMI. How many of us have a these days!? I would obtain PMI Cert and phone from your servicer and call them to see what is holding them up from issuing an approval to proceed. Everything that I thought I read or understood about the program was inaccurate in their view. They talked of out of pocket closing costs which I read more than once in the guidelines that minimal closing costs could be rolled into the loan.
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They talked of and checked my credit score. The first rep said they valued my property at K, the second and third said it was K. How they conclude that I have no idea but their software is surely pulling the value as low as possible. The only way the program can make sense and be beneficial with 2 mortgages is if it is as it reads.
We know that the best thing would be to combine both loans into more favorable terms and that that is not going to happen. In the end I asked…so what should I do, not pay for 3 months and call you back? She said yes, at that time we could try and help :. My basic unresolved question is really simple. The program makes no sense if it is and the program helps a lot of people if it is not:. I called my credit union when I saw that they were gearing up to particiapte in the new programs. I would expect approved banks to want the new business even at low rates.
They should be welcoming us and on top of the situation enough to guide us through step by step. But, for now I have nowhere to go except Countrywide. All in all, this whole program has created a big mess so far….. Rich, your 2nd mtg is not included in the LTV ratio calculation. My current mortgage company is GMAC. They so suck. What kind of crock of crap is that? I really need some help.
They keep putting me off putting me off…Now after all of this they are saying the only thing that keeps me from being eligible is the fact that I have PMI. However I read this is being lifted. What is the truth here? I have the same issue with BOA. We meet all the requirements, but also have PMI and have been told that the PMI borrowers would be serviced in the next round of customers. This is extremely frustrating and is there a way to get more information in order to fix this silly rule? They were trying to refinance my loan and not modify it.
Must be their way of dissuading people out of the modification. Good luck to you. You know, Jeremy, you are probably correct; because the loan officer from the branch called me a few days ago to say that we could wait until the PMI problem is solved or we could refinance if we came up with more downpayment.
You might want to call It is the BOA help desk and I called this morning to talk about PMI; they did not answer the question directly but seemed to be ready to accomodate me with other programs.
They told me to stop making payments for 3 months. Just told me yesterday I do not qualify because i have an FHA loan. My payments during this time have acutally increased so I have been having troulbe paying other bills. I have written everyone to no avail. Am going to meet someone from housing authority but am afraid becasue my credit score has decreased due to the increase in my mortgage. I swear the banks are just getting the kickbacks and not servicing its customers. They keep on telling me to call back after a month to see if they are taking loans with existing PMI Thanks.
See my posting above. This PMI problem has not gone away. Bank of America says that it might be a month to fix it. I think that it is a serious misleading issue for borrowers!
I had a life change in income and can not afford my mortgage payments. I meet all the criteria for a loan modification. Would I still qualify if I have too much equity in the home? And yes this is my primary address. Any info is greatly appreciated! We are facing the exact same situation. My investor is flagstar. I am 7 months behind on my mtg. Looking at all the requirements of mha mod, I do qualify.
I was told that in order to qualify for that program I have to come up with 7k to be eligible. I did a homesavers with flagstar last year, I was told that is the reason why I dont qualify, and my investor is Fannie Mae. Does this make any sense? I too am with Wells Fargo, 3 weeks ago I called about refinancing my loan and thier rep told me about the HARP program and that we would qualify but to call back in two weeks. I waited the two weeks and called back and have talked to three diffrent people that now say we dont qualify because we have lender paid PMI.
I am so confused!! Our loan is Fannie Mae backed and our credit is fine. I am just looking to lower my interest rate. The rep I talked to three weeks ago did the figures and said refinancing with the HARP program would save us about If anyone has any info on this PMI issue to date, it would be so helpful.
Please let us know what they say. I have been calling them every month since March. This is very frustrating. This list keeps growing!! I am having the same experience with Bank of America who now has my loan through thier merger with CountryWide. I have spoken to B of A on multiple occasions who have told me that I qualify for the re-finance in every way, except that my lender paid PMI Insurance dis-qualifies me from the program.
Does anyone know if I have any other alternatives? Thanks in advance!! This is exactly what is happening to us… they leave you no options. He told us just to wait. We dont know what to do. Any help would be great!! DNJ stopped responding on phone and either email.. I find this highly un-ethical they should speak and suggest the next steps. I need to file bankruptcy for my other debt. Can i do that and still have this program?
We too have tried to get help from Wells Fargo, what a farce!!! We are both unemployed currently and are trying to just keep our home. I think Karen may have a good solution. I am going to try it and see. Hi, Silva- We are in the same boat as you are. The thing that bothers me is that the second mortgage was purchase money to begin with,NOT a home equity loan!
Im afraid our opportunity to lock in super low rates are passing us right by. We are current on our payments and good scores but paying down additional principle to reach the correct LTV is not really possible. We are on a shoe string budget because of our two young children,my wife being a stay at home Mom,and cutbacks at my work. They are not in the least bit interested nor do they care that you will be forced to sell and be out of your home. We are in the same boat as you, so I can totally feel your pain….
Faxed all the appropriate paperwork in and every time I call I get a different answer why I do not qualify. Now I am being told that because my loan is not government backed, I do not qualify for the loan modification program.
What HARP can -- and can't -- do for you - CBS News
I am being told that as of last week, the loan modification program will effect not only delinquent homeowners, but now will effect current homeowners. The only thing I could do would be a refi. This is a regular refi, not the one offered by Making Home Affordable Program.
A refi would not effect my credit score. They could suspend my payments for a few months, but then I would have to catch up to what it was, and that action would effect my credit score, and the catch up payments would be much larger. Again, please advise, I think I am being told the opposite. We had a baby and the daycare costs are so high that it is making us not be able to afford the mortgage. Does anyone know what this means?
Has anyone gone through this and qualified in the end? Thanks Melissa. I was approved by Flagstar for the making home affordable, the refi was costing 8, This is rediculous! This is exactly how homeowners put themselves upside down on their mortgages. I was told by Countrywide today, that the only lender that can DO a Fannie Mae Home Affordable is the lender you currently have the mortgage with?
I read the website and my understanding is that this only applies ot modifications not refinancing. As long as it is a Fannie Mae to Fannie Mae loan any lender can refi under that program. If this is not the case, would some one let me know exactly how this works. I also put in a modification to my current lender back on April 1, and they are saying 90 more days?? During the month of May I kept calling to make sure that all the required documentation was in order and they kept telling me that everything was okay and that my file had been forwarded to a loan modification officer and that I should be receiving a call from them in 4 to 6 weeks.
No letter was sent asking for the additional missing items, no telephone call or e mail was received. If I had known this I would have acquired the services of an attorney or a company which specializes in loan modifications. At the present time we are facing a very difficult financial and health situation and almost all of our income is going to the mortgage payment. I hope and pray that it goes better for other people trying to modify their loans.
The Verdaguer Family. I have read the comments here and find them very helpful. I have 1st serviced by IndyMac and 2nd by Citi. Gave up on Citi in April when the lines were busy, but they miraculously reduced my interest by about 4 points until January and no one there knows why!!!
I have called Indy repeatedly, and finally the other day a refi rep told me that a the investor for my 1st loan is Deutsch Bank!!! Both loans were Fannie Mae conforming.
HARP Refinance Lender: Not what You May Think it Is
Thus, by the MHA guidelines I would not be eligible. My LTV has changed and my income has as well. But to be honest, with working 3 jobs I am tired of all the legwork involved. But, my first is at 7. Put in all my paperwork to Chase back in March, called 30 days later and was told they could not find my papers I sent them certified mail and they were signed for , this was all after I had faxed the papers in where they told me to, so I have now sent them 3x. I have called and called and was given the same phone numbers back and forth after being told I had the wrong dept I need to call such and such which I had just done, very frustrating.
The last time I spoke to anyone was early June and was told it could take 90 days and I have yet to hear anythng from anyone since I began the process on March 30th I have never missed a payment ever but I am so strapped and since thay dont seem to care why shold I. After waiting 3 months to hear something, we were denied for assistance because we are not 90 days delinquent.
We wasted so much time and energy on this process it makes me sick to my stomache. I thought the whole point of this program was to help people in imminent danger of losing their home. But then again why would it if the banks are in control. Wow, Wells Fargo, that seems swell…. Wells Fargo is apparently our servicer but Bank of America is our actual lender.
As far as we are concerned neither company is doing what they signed up for, no one is helping the American people. Wells Fargo and Bank of America are just a bunch of greedy jerks! I was just denied my loan mod. They told me to sell my house and get something more affordable. My reply, this is the whole reason I applied to save my house so I could live in it. I have lost two jobs and my daughter lives at home as a dependent. Pls advise.
Thnx any input. Peter, My loan is owned by Fannie Mae. I have lender paid mortgage insurance LPMI. Thanks, and I look forward to your response. Now my home value dropping day by day if want to refinance my loan only option available is FHA loan which requires a reappraisal, processing etc. According to the Homeowners Protection Act you must be notified in writing. I first began the MHA process in April 09 after a real slow Winter for my business and when my available work seemed to disappear one client at a time.
From what I can tell, based off all the info on the government websites, I qualified. That person on the phone entered me in the program again, she asked me the same questions that were on their website questionaire and said that I will receive a letter in 45 days. Everything appears to be a joke to me at this point. Its my opinion that US Bank is just sitting there waiting out all these applications like most of us are waiting out this bad economy. What angers me is why not just have a system….
Like anything else, I should just trust myself to move on and find another way, I will. I have read all the other comments posted earlier and I know that there is a family situation, a story behind and in each post as its written. I hope you all are able to be helped. Hope and Change? Well my loan is with chase in California. I have a second on it as well. They just told me that they aprpoved on the first and denied on the second due to house ratio. Five months ago I was given the opportunity.
To make trial payments on both once I re-submitted my updated paystubs they said I made too much. Although I explained that it was overtime hours. Any suggestions. Please help.. We were told we could refinance and everything was okay and then we were told that no we did not qualify because we have lender paid pmi. It seems that they contradict each other and it is impossible to get. Something needs to be done!! Is this true?
Like mine is thru Citi now but my original loan was with Bank One. It would be really great if someone could bring to light the truth about the Making Home Affordable Programs!!!! Making Home Affordable is one of the biggest government run scams ever foisted on the American People.
Making Home Affordable is the proverbial throwing the bone to the dogs. It is simply put there to distract and keep people busy and quiet while they chew on the bone and chase their tail. Since it has no meat the people will still loose their homes with this farce of a program. I am speaking from experience we have and still are going round the mill with this one.
Actually, we are chasing our tails. After 6 months we have had three denials from Wells Fargo even though we totally qualify according to the program as written. Again reading the program the banks call the shots in the long run, from what I can read they are the over site for the program! The lobbyist keep growing for the lenders even though if I recall our elected President was going to clean that up, and he was not going employ any of them in his term.
Interesting how all the ones in charge of all these matters come directly from the financial institutions that have been bailed out maybe he lied? Some blogs and sites suggest getting a lawyer. Why do I need a lawyer to get what is suppose to be mine from my government! Personally that money is extremely hard to come by. I expect that will be exactly like the experience with Wells Fargo since it seems very apparent that this is all set up to benefit the banks, not us anyway.
Of course we have kept it in very nice shape for them also. Wells Fargo can then resell it and they can make even more money on it. Who cares that our family is out of home, savings, retirement and well being. And wow, what a deal I get to pay for that too. Oh yeah, we contacted our elected officials their reply, contact your lender and work with them. They were so helpful! Banks need oversight badly. They apparently want to be the new real estate agents. They have no intentions of helping anyone and just want their bonuses.
FHA needs to get these bloodsuckers in check! These banks are crap and they have no idea what they are doing. I can only hope that each and everyone of them experience at least half of what honest, hardworking people are going thru to keep roofs over their heads. There mommies and daddies would be so proud of them. CS, I agree with you completely. Only thing you can do is vote them out.
Wish I had read your blog before we went thru the drill — it is a dark tunnel, there is no ray of hope for the HAMP program—total propaganda — — I feel like a fool for believing the servicing companies actually had control and could make this work as I am sure you do. We are down to one income. I called my bank Bank of America in September because I knew that we would not be able to make the October payment. They told me that there was nothing they could do because I was not yet behind. I thought the program was designed to help you if you anticipate getting behind.
But because werefinanced in July, I am not eligible for the modification. We have been in our home 12 years. In those 12 years, we only got behind shortly following Hurricane Katrina because my husband was out of work. We are now getting behind on everything. We do not want to lose our home. What a joke. So much for that. If I keep getting the run around, who would I make a complaint to?
They started accepting applications… Of course, I was denied.. Who can I call about Bank of America givingme the run around about the Modification program which I quailify for. The first lady I spoke to at BOA was nice and told me I quailifed and she was going to put me through to someone that could help get the ball rolling, I was put on the line with a jerk who told me there was noting they could do for me and he would put in for my case to be reviewed and I would hear back in days and in the mean time I needed to keep making my payments.
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What can I do? We have a loan thru Wells Fargo. We contacted them in August of to tell them that we believed my husband was going to be laid off soon or have a cut in hours and we would not be able to make our full payment in the future.
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They finally got ahold of us in March of and said we were elligible for a home modification. We had to fax our paperwork at least 10 different times to 10 different numbers before they recieved it.. They gave us the week of Thanksgiving to sign and mail the papers back to them, or we forfiet any agreements we have had… nice timing to get a lawyer to go over it with us and get it mailed back to them in time.
We are just a loan number, and they could care less about us or who we are, or what our family is about, just as long as they are making as much money as they can scrimp out of us.. Our monthly bill payments could be reduced if we could consulate 20k debt. If I apply for Thank you for this website and any suggestions offered. I started my loan modification through Acorn Oct , somehow Chase claimed they did not submit the requirement documents and had to start all over again in early After the 3 month I did not hear anything and I stopped making the payments since I really could no longer afford it.
I contacted Chase in several occasions and finally in October I was able to speak to someone else who seemed not to know who the negotiator in my case was. It seems to be a never ending case and I am ready to give up. We have been paying an extra Now our princ balance is Our loan is with Wells Fargo. We want to refi for 15 years at the new lower rates. We have excellent credit. I wanted to pay it down to 95K and just refi 95k. They are recommending the HARP government program 4. Also the automated value is , even though other comparable properties in neighborhood are selling for Q 2 is it beneficial to me for the value to be less or should I not worry about that and accept the automated value?
Q 4 The last thing I want is more government intervention in our privacy. Will this HARP program allow the government to access or monitor my loan? The loan was originally owned through countrywide. However, it has been the 12 months now, so they still tell me I am not eligible. But it has taken until a few weeks ago for Fannie Mae and Freddie Mac to release their formal guidelines, update their approval software, and start getting lenders on board.
Your mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. Because these entities were effectively taken over by the government near the beginning of the real estate market crash, and so the federal government can require them to follow new refinancing rules. You can find out by checking these two websites: www. Your loan must have been sold to Fannie or Freddie on or before May 31, Your loan was not refinanced through HARP previously. No second bites at this apple. One small exception—if you happened to refinance your Fannie Mae mortgage from March through May of Also, prior non-HARP refinances are not a problem.
Presumably, homes with an equity cushion are either more likely to be refinanced on the private market, and any event their owners will be motivated to preserve their equity. The point of HARP is to enable refinances which could not otherwise happen, and to give help and motivation to homeowners who have little or no equity.