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Can our mortgage be modified or refinanced.

Bankruptcy in 2006. Credit Score 600-650. Mortgage is $215,000 at 9.3%. Home value - $180, 000. No past dues. Three to 4 credit cards - all with valances less than 50% of credit line. We are with American General. Will the provisions of HARP 2 help us? by gloria_153_734 from Homewood, Illinois. Jul 5th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If your loan was initiated prior to May 2009, and it's owned by Fannie Mae or Freddie Mac, then it's possible HARP 2.0 can help you.. the only way to know for sure is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Jul 5th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

The best way to tackle this issue is to call your local lender. They will be able to look into your eligibility and do all the leg work for you. Just based on the basic info you provided, it seems like you have a good shot at qualifying.

Jul 5th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

It is not likely your loan is owned by Fannie or Freddie. Contact our Chicago office at 773-304-9100. They should be able to assist you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 6th 2012
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Robert Le (robert_le)
#618 ranked lender in California - 36 contributions

To quatify for HARP 2, you loan must be own by either fannie mae or freddie mac. https://ww3.freddiemac.com/corporate/http://www.fanniemae.com/loanlookup/Also, you must purchase the home before jun 1, 2009.

Jul 5th 2012
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Matt Pollina (matt@smartmtgs.net)
#58 ranked lender in Illinois - 40 contributions

I can probably get you qualified if your middle score is 640 or above and your loan was taken out prior to June 1st, 2009. I should be able to get you around 4.00% with $0 closing costs- NOT 'rolled into the loan' but a true $0 closing cost loan. Contact me at matt@smartmtgs.net. Smart Mortgage Centers, Inc. has a A+ rating on the BBB and look us up on Google to see what clients are saying about myself and my company. Thanks!

Jul 5th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Have you checked with AM General ? You need to check to to make sure that you are either fannie or freddie loan.. If you want , send me your address at yourloanpartnerforlife@live.com , and I can check for you. Right off the top before checking , Am general is more of a alt a loan , and it may not be a fannie or freddie.. IF you need more of a modification, I do have a referral for you.. linda

Jul 5th 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

I believe American General is their own portfolio product as a finance company and didn't do any Fannie/Freddie products. Your best bet is probably to contact them and see if they have a program to help you lower your rate with them. I normally wouldn't suggest you go back to them, but based on what I know of their product offerings in the past, that's probably your best bet to reduce your interest rate. If that doesn't work, or if the terms still aren't that good, then seek out a local mortgage broker; there may be something you can work out still, but it wouldn't be easy.

Jul 5th 2012
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