Hello,Right now if your investor is Fannie Mae or Freddie Mac and you are not late on your mortage payments for the last 12 months, you can refinance upto 125% of the current market value. Starting March 2012, the loan to value of 125% ratio will be lifted, so it will not matter how far you are upside down. Please feel free to contact me at 707-583-8117 with any questions you may have. My name is Cindy MacDonell with Bay Equity Home Loans. We are a direct lender located in the SF bay area.

Hey Kamyar.. the guidelines for HARP 2.0 can be found all over the internet, however the lenders (where the actual money/loan comes from) have not released their overlays (additional guidelines).. Although we can all speculate that there will be many lenders out there willing to do HARP 2.0 loans, until the lenders release the product, no one knows for sure.. we should see programs rolling out in mid March.. WilliamAcres.com

I almost did not post because I am just backing up what the others have said. I just wanted to say that Cindy MacDonell is in my area and she is great to work with and will take care of you. Rules are not real clear now but they will be in March so getting started now is important.

Kamyar,Great question! In short, you are correct. Guides do state you can be 30 days late in the last 12 months with no lates in the last 6 months. There are no limitations on loan to value as of March.As a direct lender, we do not have overlays to the HARP 2 programs - so we do not need to wait for lenders to come out with overlays on Freddie and Fannie guidelines. First, I would check to see if your loan is owned by Freddie or Fannie. You can do this online. Once you know which HARP 2 program you fall under, we can look at specific guidelines. We are a direct lender in Costa Mesa and would be happy to discuss your situation as well as get your package prepared for submission. Please feel free to contact me at (888) 779-6500 x 7332. Feel free to ask for me - Andrew Liersch. Thank you.

Although Fannie and Freddie have already told lenders what their program will look like genericly, The lenders that actually lend the money will more than likely add their own restrictions or overlays as William indicated. It is anticipated that these will be released to the public in mid March. As for as requirements, we anticipate these basic requirements to be in the final rollout. Current loan Fannie or Freddie; No payments later than 30 days in the last 12 months; Documentable income to support re-payment and title to be held as note was originally issued. It also appears that if the program will not be restricted to primary residences. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Although the final guidelines for HARP 2 have not been released yet, it appears that you can have no late payments in the last 6 months and no more than one mortgage late in the past 12 months. The proposal is that there is no maximum LTV requirements. If your current loan did not require PMI, your new loan will not require PMI. Your loan would currently have to be owned by Fannie Mae or Freddie Mac to be eligible. You can check on who owns your loan at my website: www.LenderSolutions.com or call me at (916) 295-0044

If your refinance options do not work This program may help.The Keep Your Home Short Sale: GOOD NEWS!...You Can Now LOWER Your Mortgage BalanceTo Todays' True Value...And STAY IN YOUR HOMEHAFA have developed a Short Sale Buy Back Program. Here are the salient points: The Non Profit Organization we work with makes a short sale offer on the home. The offer is for all cash. The Non Profit will handle all the processing and negotiation of the short sale for the listing agent. This allows the listing agent to go out and find more listings. When the short sale is approved, the Non Profit buys the property. The former owners then lease the property with option to buy. The Nonprofit Organization will hold the property for up to three years. That should be enough time for the family, with help, to repair their credit so that they can qualify for a new mortgage. You can buy back the house at any point in those three years. Any and all appreciation is the property of the ownerTHE HAFA SHORT SALE BUY BACK PROGRAM IS SPONSORED THROUGH A NON-PROFIT 5013-Cin conjunction with Stabilization Home Affordability Revitalization Program.