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How do I take advantange of the Harp when I'm stuck in a code 64?

I have asked everywhere and no one can help. My code 64 was tacked on AFTER my loan was sold off in a bundle and I had nothing to do with it. I wasn't paying PMI at the time of the refi. I am drowning in debt and desperately need to lower my interest rate and payment. Can you help, I mean, really help? Thanks, Janice by jainames757 from , California. Nov 3rd 2014 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

No idea what Code 64 is.

Nov 4th 2014
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Code 64 means that is FHLMC and not FNMA. It is not HARP, but Open Access. Please call and I can help at 805.530.1199.

Nov 4th 2014
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Larry Goodrow (larry_goodrow@yahoo.com)
#1038 ranked lender in California - 19 contributions

Call me I can help as its a paid charge off/ foreclosure so if it was a foreclosure instead we can overcome that and if its been at least 3 years since the foreclosure we can help and make this happen for you.

Nov 4th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Unfortunately, you are stuck.. Code 64 has to do with "Credit Enhancements" which have nothing to do with you directly.. it's how the lender at the time decided to write your loan, and whether or not it was intended to be bundled and sold or held in a portfolio.. The most common "Code 64" loans were done where the borrower did not put 20% down, which would require mortgage insurance, but the lender paid the MI premium and charged you a higher interest rate to offset it.. So you think you don't have MI, but in reality you do.. This type of MI is not transferable, and as a result, you get a "Code 64" ineligible with LP findings. There was talk about a HARP 3.0, which was supposed to address all the other borrowers who have not been able to take advantage of the current refinance programs.. Unfortunately, congress has stalled on approving this and it does not look likely to pass.. If your loan to value is 95% or less then there are other options, and you still might get payment relief.. Try contacting a local mortgage professional and let him look at our complete loan profile.. once he see the complete picture, he can advise you properly.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 4th 2014
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