Forgotten Your Password?

Need to Register?

Question Icon

Is a HARP a possibility in our situation?

Purchased our home in Florida in 2005 for 200K at 6% fixed (Fannie Mae owned). Balance currently sits at 179K. Value of home has dropped to about 150K. Our loan was just sold by GMAC to Greetree. I contacted them yesterday about a HARP 2.0 refinance and they have come back with "no product exists" to help in our current situation. My husband is military - has been for 21 years, good credit, and no late payments on mortgage for 12+ months. How can there possibly be "no product that exists" to help our current situation? (Greentree has only owned our mortgage for 1 month and already I DESPISE dealing with them on all levels!) by shandy_895_665 from Navarre, Florida. Mar 26th 2013 Reply


Josh Lund (Josh_Lund)
#46 ranked lender in Minnesota - 113 contributions

Your situation sounds like it definitely qualifies for a HARP loan. You can go to https://www.knowyouroptions.com/loanlookup to look up your current financing to see if it's Fannie Mae owned. Once you confirm this, feel free to contact me at my office because we're licensed in Florida and do these types of loans all day. Some lender/brokers don't have access to do HARP refinances, so that could be why Greentree said it didn't "exist." Hope this helps!

Mar 26th 2013
2
0
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

Give me a call. We can help. We have completed thousands of HARPs. All you need is a Lender that WANTS to help. Greentree has no interest in helping folks like you. They are really just a servicer, not a lender. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Mar 26th 2013
1
0
Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

If your loan is owned by Fannie Mae and acquired prior to 6/1/09 it should certainly qualify for HARP. No late payments in 12+ months is good, but were there any 60+ day late payments over 12 mo ago? If not and your score are 620+ I see no reason why they would say this. Find a local lender on this forum (you can search above) and work with them.

Mar 26th 2013
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

It really depends on whether FannieMae recognizes the loan as HARP eligible. If so, the current balance may not make a difference and if you have been on time with payments and other qualifications are good you may not even need an appraisal. Depending on your credit you should be able to see a significant reduction in your costs. I'd recommend a loan where the lender gives you a credit to cover all or most of the costs for refinancing - especially with the high fees charged by the state. The rate might be a little higher but you won't add much to the existing balance on the loan. I can help, apply on line at http://pdumouchel.primelending.com or email me (click my name/link at the side of the posting for all my contact info.)

Mar 26th 2013
0
0

Confirmed that Fannie Mae does own. Only one 30 day late payment since 2006. Credit score at 721. It's weird that Greentree would come back as "no product exists" because I actually spoke to a person there yesterday who encouraged me to fill out the online forms to get the process started. This morning, I received the email telling me that no product exists to help us.

Mar 26th 2013
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Very strange. None of us really know for certain until we set up a loan and run it through the Fannie loan program, that confirms the web site info. From what you describe it shouldn't be difficult to get you approved.

Mar 26th 2013
0
0
Josh Lund (Josh_Lund)
#46 ranked lender in Minnesota - 113 contributions

Great News! You can simply go to my website to fill out a short application and would be happy to give you rate and fee information. Green Tree does not do many refinances of their current loans, not a surprise that they can't help you. JoshLundMortgage.com

Mar 26th 2013
0
0
Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I agree with Phil. Definitely sounds like it's worth pursuing.

Mar 26th 2013
0
0
Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Definitly worth looking into - nothing to loose at all

Mar 26th 2013
0
0
Kim Bennett (KimBennett)
#195 ranked lender in Florida - 6 contributions

Based on the information provided, you are certainly eligible for the HARP program. For further details at no cost or obligation, please contact me at your convenience at 239-603-8127. I look forward to speaking with you.Kim Bennett

Mar 26th 2013
0
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Yes it sounds as if you should qualify! Give us a call we can do unlimited Loan to value on HARP!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 26th 2013
0
0
Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

I can't imagine why you wouldn't qualify for HARP. Have you checked the Fannie Mae website yourself? It should clearly state that you qualify. Perhaps you have LPMI on the loan. Many of the big banks/servicers are not doing HARP with LPMI, but it doesn't mean you can't go elsewhere. We do these all the time. In any case, check the website below. If you would like further info, please don't hesitate to contact me, our group is licensed in Florida. barb.lanis@1amllc.com Fannie Website: http://www.knowyouroptions.com/

Mar 26th 2013
0
0
Mark Simon (mark.simon)
#9 ranked lender in Delaware - 83 contributions

With your updated info we would be glad to give you answers over the phone today. We can identify over the phone what rate and fees your eligible for .Give me a call and we call today for the answers and get this completed for you within the next few weeks. Mark 302-449-7373

Mar 26th 2013
0
0
David Sheir (DAVIDSHEIR)
#113 ranked lender in Florida - 11 contributions

Yes, it's sounds HARP eligible. I can tell you what a new loan would look like pretty quickly. I am located in Florida. Feel free to contact me at 954.448.6153. David Sheir, Guaranteed Rate, Inc.

Mar 26th 2013
0
0
Subscribe to our news feed.