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Can anyone figure out how to refinance me???!!

In 2008 went into escrow on the house I'm living in. My wife and I thought we were all set to close on our house but at the 11th hour the underwriter pulled our loan because we didnt own our business for 2 years. Instead of walking away the seller agreed to owner financing. We had a second with him and he remained on the orginal note. Our names were put on title and we pay all the property taxes. The agreement was we would refincance into our name within a year. As you all know the housing market crashed right after and like so many others our house is now under water so we were unable to refinance. I'm wondering if anyone knows a way to use the HARP program to get our names on the loan and the sellers name off? BofA holds the note, were reluctant to shed light on our sitution with them fearing they would call the loan due. ANY SUGGESTIONS?? by nateotis from Auburn, California. Feb 7th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

There is NO WAY to refinance this loan into your own name, unless the Seller agrees to remain on the loan. At lease 1 Original Borrower must remain on the loan while being able to added a previous non borrower to the file. For more help, email me directly! Thank you.

Feb 8th 2013
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NateoisI have done loans for these situations in the past. I will need to have more info to give you a proper answer.9162610499 scott

Feb 7th 2013
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I have done loans for these situations in the past. I will have to have more information to give you a proper answer. Call me at 9162610499. Scott Scott

Feb 7th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

The underwriter didn't "pull" the file at the 11th hour. An inexperienced application clerk (most likely at a bank) didn't do a very good job in the beginning in reviewing the application. There isn't enough information here to let anyone give you a good answer, but this is a great example of why you should sit down with a local NON-Bank Licensed Loan Officer whenever financing a home. 10% of your success is the company you choose. 90% of the success is the Loan Officer you choose. Good Luck

Feb 8th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Need more info regarding the structure of the loan. So the seller took a 2nd mortgage? Is there a balance left on that? Also, who is on the Note with BofA?

Feb 8th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

This sounds like a "land contract" or "contract for deed" and my guess is that you are stuck until/unless the market improves or you can find cash to make up the difference. Under HARP one of the original borrowers must remain on the deed even though you were making the payments. A good loan officer (bank or non-bank) would have known you might have problems not having 2 years self employment, but in some cases it IS possible to obtain a mortgage with less than two years depending on the type of loan (conventional/conforming would allow this), strength of the borrower and "underwriter discretion".

Feb 8th 2013
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Need more info to help you Nate.

Feb 8th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

Need more details before I can give you my answer.

Feb 8th 2013
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Garett Hyman (GarettHyman)
#42 ranked lender in Michigan - 14 contributions

Unfortunately the scenario would not qualify for harp as the originals borrowers would have to remain on the mortgage. If you we're not underwater you could do a conventional refinance in just your name as long as you have been on title in most case a minimum 12 months.

Feb 8th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

This loan can be done so talk to a a couple of the people that can help.

Feb 8th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

If your loan was not sold to Fannie/Freddie before 5/31/09, you will NOT qualify for HARP. Your summary leads me to believe that you MAY qualify for HARP. If you do, either you or your wife would need to have been on the original note WITH the seller in order to have him removed from the new loan.

Feb 8th 2013
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David Kosmecki (David_Kosmecki)
#36 ranked lender in Minnesota - 258 contributions

Go to a local lender with lots of experiance who is not tied to a bank. They can analyze all the facts and give you a better answer. Good luck!

Feb 8th 2013
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