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Harp refi with chargeoff on credit report ?

Does anyone know of lenders who can work with me to do Harp refi even tho I have a mobile home Installment Loan chargoff on my credit history? Many underwriters have stopped my refi @ this point, even tho I qualify beautifully. by kfogar_322_784 from , . Aug 2nd 2012 Reply


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

To be sure we are talking the same language here, you said repo. If the unit was in a park where you are renting the space, or on a lot but had never been re-titled as real estate, Think of it as a big "travel trailer", then that would be a repo. About the only way you might make a HARP refi happen is if you have made arrangements with the lender that repo'd the Manufactured Home to re-pay the deficiency. The credit report would have to show repo, the loan would have to be classified as a consumer loan, and if you have made at least 12 payments on the written payment plan, it is likely an underwriter would not hold that against you. The key here is what type of loan it is and how does it really show. The biggest challenge you will have is getting the lender to agree to a workout plan on the deficiency. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Aug 4th 2012
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"Dropping off" is not an option as that's 5 yrs away, Harp will be gone forever by the end of next year. If I don't get this thru now, I will never be able to crawl out from being underwater. I cannot be the only human in this country who has this problem....it was not my personal mobile home, it was the wife's aunt who moved into it. They abandoned it after 10 yrs,and Greentree suggested a "voluntary repossession" which I did.

Aug 2nd 2012
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I thought the Harp program ended in 2013. Besides, I have little faith that if the White House changes hands funding for Harp programs will exist. The descrepancy between Harp "qualifications" and the real world qualifications just infuriates me.This credit issue is the only thing negatively affecting my credit score- after 30 years of hard work and timely pymts on student loans, 2 mortgages, 2 cars paid off, and all the other accounts, I'm being rejected as a loser b/c of one chargeoff account.

Aug 2nd 2012
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Marcia Waller (homesteadfunding)
#5 ranked lender in Delaware - 2 contributions

How much is the charge off and what was the date of the charge off? This will help.

Aug 3rd 2012
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Chargeoff was $44,000 on 12/2010.

Aug 3rd 2012
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Same problem here ... The only blemish on my credit is from a foreclosure that occurred in 2008. My wife and I made an ill-advised real estate investment in a condo in downtown San Diego back in 2006. We were then advised to stop making payments and to attempt to do a short sale, which we did. We had a buyer qualified and ready to go. Unfortunately for us, Chase Bank (the 1st lien holder) and National City Bank (the 2nd lien holder) could not agree to terms and the place fell into foreclosure. We were advised that everything would be OK with our credit after three years. I was beyond mad to find the charge off on my credit report when I tried to refinance under HARP 2.0. My wife and I have very good credit (734), have secure jobs, and earn a lot of money. We have never been late on the mortgages for our primary residence and have minimal short term debt. We have lived in our house for 15 years and intend to keep it for the long term.If we could refinance the first on our home, which is currently at 6.0% 30 yr fixed, into a 3.75% 30 yr fixed, we could save $741 per month! We accept the fact that we made a horrible mistake back in 2006 with the condo. But, why should we suffer now? In retrospect, we would have been better off to "tank" everything and declare bankruptcy back in 2008. At least now, we would be on very good footing!THIS HAS BEEN THE MOST FRUSTRATING EXPERIENCE OF MY LIFE! I HATE THE BANKING INDUSTRY AND WILL REMAIN LOYAL TO LOCAL CREDIT UNIONS FOR THE REST OF MY LIFE.I hate to be negative ... BUT THOSE OF US WHO HAVE CHARGE OFFS ARE SCREWED FOR SEVEN YEARS OF HELL!

Oct 6th 2012
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Well Virtua, welcome to refinance hell huh? Isn't it the most infuriating feeling to have played the game and met your obligations for an entire lifetime, only to be told by a group of self righteous "financers" that you should drop dead b/c you made a human error in the recent past, resulting in a credit blip? They act as if it's their OWN money, as if we're some huge credit risk! I've already gone thru several "lenders" who stop communicating when their underwriters encounter that single issue. So....... we're still waiting for some real people to step forward and do business with us good honest Americans who have money and are a good risk...... but are imperfect (please forgive us).....and remember, it's a business deal that you will make MONEY from. There must be someone who can HARP refinance our type of mortgages.

Oct 7th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

You will not qualify with anyone right now. They will look at the charge off as a foreclosure. So you will probably have to wait for at least 3-5 years from the charge off date to be able to do anything.

Aug 3rd 2012
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