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I started the Harp Loan process in May of 2012 through an attorney for the principal rate reduction program here in Nevada.

I was told that I qualifeid (my loan is Fannie Mae) for Harp. Then in October or November of 2012, my attorney told me that lenders were processing "interest rate reductions" only and that the program for the principal rate reduction would probably not be available until March or April of 2013. Can anyone shed some light on this. by jstshu_389_623 from Phoenix, Arizona. Feb 18th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Evening. Interest Rate Reductions is for the VA Refinance Program called (IRRRL). If your loan is eligible for HARP, I'd be happy to look more into your options for you as to the potential opportunity that may exist to save on your monthly payment. If you would like to talk offline, please feel free to send me a direct message. Thank you and good luck!

Feb 18th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

First, you need to determine what your mortgage qualifies for. I'm not sure why you went to an attorney for this determination. HARP - just the basic one, which so many people qualify for, is a regular refinance. There are two elements to the program. One may qualify you for a Loan Modification if you have a hardship, the other is a regular refinance. On the Loan Mod side, you must work with your existing lender if you have a hardship, such as reduced income, loss of job. On the regular HARP refinance, you can use any lender you wish that offers the HARP refinance. We are licensed in AZ and I would be happy to help if you need a regular HARP refinance. 1st Advantage Mortgage. barb.lanis@1amllc.com

Feb 18th 2013
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Chris Adams (cadams)
#108 ranked lender in Arizona - 5 contributions

Good Evening.. I hope your evening is going well. Are you trying to take advantage of the Principal reduction loans here in AZ? This program works in conjuction with the Harp program. I would be happy to discuss your options with you anytime. Thanks for the opportunity to win your business. I look forward to talking soon!

Feb 18th 2013
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Michael Bardy (LendingPro)
#0 ranked lender in Ohio - 72 contributions

To this point I have not heard of any banks approving the principal reductions but I do beleive if you qualify for the interest rate reduction under HARP for Fannie (the DU Refi Plus) you will not be eligible for the principal reduction, if it ever appears at the lender level.You may want to consider taking advantage of the DU Refi plus before the rates climb any higher.

Feb 18th 2013
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Joe Metzler (JoeMetzler)
#0 ranked lender in Minnesota - 3,930 contributions

Why would an Attorney have anything to do with a mortgage refinance?

Feb 19th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Call a Lender411 loan officer and talk to them. Why would you go to attorney for mortgage help? Attorney's supposedly practice law and mortgage professionals get your loans done. Would you go to a mortgage professional and have them represent you in court for a crime? I know you get my point so call a loan officer that knows what he is doing.

Feb 19th 2013
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