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How does HARP loan work ?

I have heard a lot of radio commercials. Is that a government program for people with mortgage lates? I am about 60 days on my mortgage but I would like to lower the payment. Any advice is appreciated. by shmuelcohen from Miami, Florida. May 30th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,848 contributions

Loans owned by Freddie / Fannie, originated prior to June, 2009 might qualify for HARP refinancing... if your late on the payment now, then you wont get approved.. if you have had any late payments in the last 12 months, you wont get approved.. HARP program is a fully qualifying refinance program.. HAMP is the program for modifying. Under HAMP, you can be late on the mortgage, and it's possible you might qualify.. HAMP is only offered through your current loan servicer. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 30th 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

Most lenders require no late payments in the last 12 months for HARP scenarios, most scenarios really. There may be a lender out there that can help so hopefully someone else will chime in. You would have to be current though. Meaning, if you're 60 days behind you would at the very least have to get caught and in all likelihood have to wait a year from your last 30 day late. 60 day lates or longer may incur longer waiting periods depending on the lender. Good luck!

May 30th 2013
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Jason Vondrak (jvondrak)
#1 ranked lender in California - 1,489 contributions

Generally, in order to qualify for the HARP program, you cannot have missed any mortgage payments in the past six months and you cannot have missed more than one mortgage payment in past 12 months. So, being 60 days late you might not be able to qualify for the program - find a lender licensed in Florida that can look at your exact situation with you. HARP is designed specifically for homeowners that have remained current on their mortgage balances, yet currently owe more than their home is worth due to the crash of the housing market. The program was recently extend to last until the end of 2015, so work on becoming current on your mortgage payments and expect to take advantage of the program a year after that is you are not able to find any other refinancing options. Good luck!

May 30th 2013
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#2 ranked lender in Florida - 442 contributions

I'm licensed in Florida, so call me and we will discuss your situation. Both answers are correct, call me and we can put together a game plan.Ralph Guertin 954-274-7725 or email at ralph@absolutelowrates.com

May 30th 2013
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Steven Cook (stcookmortgage@gmail.com)
#42 ranked lender in Washington - 256 contributions

The HARP program only works if your loan is "owned" by Fannie Mae or Freddie Mac, and was acquired by them prior to June 1, 2009. As others noted, they generally do not allow any lates in the last 6-12 months, depending on lender overlays. To find out if your loan may qualify -- you can check here for Fannie: https://www.knowyouroptions.com/loanlookup and for Freddie: https://ww3.freddiemac.com/corporate/ If they don't own your loan, then you would really need to talk with a Local Licensed Mortgage Loan Officer to find out what your options are.

May 30th 2013
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James Mazzola (Mazzola)
#113 ranked lender in New Jersey - 302 contributions

Most lenders require no late payments in the last 12 months for HARP

May 30th 2013
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Pete Bass (PeteBass)
#1 ranked lender in Connecticut - 383 contributions

You can have no late payments in the last 12 months- depending on when your 60day late happened, speak with a lender and comeup with a plan of action once the late falls off the 12 month history- make sure that you keep your payments up to date in the meantime

May 30th 2013
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