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My bank says I am entitled to Harp Refinance but they want my son in title

My wife and I own our home and took a mortgage loan based on the credit of our son. He signed the note and we signed the mortgage to secure it. We are now applying for a Harp refinance and are being told we must add him to title as he was the original borrower and not us. We would rather not have him as a co-owner but we are being told that in order to qualify for Harp we must do so. Is this correct? by smiley_289_722 from , . Apr 17th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

HARP allows for the removal of a borrower(s) so long as one of the original borrowers remains... you must qualify on your own, which means income, credit, job, etc... but yes it can be done.. Your lender might not be willing to do it, but there are other lenders out there that will... including us... however we only lend in AZ... .. 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

Apr 17th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

HARP guidelines allow a borrower to be removed. One original borrower must remain. You say that you were in title, but perhaps not on the note? If you were not on the original Note, you may have a problem. But also you say that you signed the mortgage. And you say that your son needs to be "added." To what? If he was an original owner and borrower, then he would have been in title at that time. I think we all need the following clarification in order to make the best recommendation:Who was on the original Note?Who signed the Mortgage?

Apr 17th 2013
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Bob Taylor (bob.ta_307_300)
#897 ranked lender in California - 4 contributions

if you are on the original loan and you can qualify by yourself you can do this without your son . We just did the reverse removed father from loan and title at close ...I would be happy to help you with this.

Apr 17th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I concur with the other responses to your question. It can be done but some lenders elect not to. If you are in NM I can help. Charlie Sparks, Gencor Mortgage, 505-350-3745 - NMLS# 195031

Apr 17th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

You bank is either giving you bad advice or doesn't want to remove your son. HARP guidelines clearly allow this. As others have said, you will need to qualify with your own income and credit. Call one of the Lender 411 mortgage professionals in your area. I know they can help you. Good luck.

Apr 17th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

As you have stated, your son is the actual borrower, whose credit and income were used to obtain the loan. Perhaps you also lived in the home at the time of the loan origination. If this is the case, it is reasonable for the lender to request all of you to be involved.

Apr 17th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

HARP allows for the removal of a borrower(s) so long as one of the original borrowers remains... you must qualify on your own, which means income, credit

Apr 18th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

As long as one original borrower remains and that borrower qualifies then you should be able to remove your son. 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 We are also proud Homes for Heroes affiliates!

Apr 18th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

At least one of the original people on the original loan must always remain on the loan. From what I think I am reading, he is the only person on the loan, therefore he must be on any refinance. www.HARP-Refinance-MN.com

Apr 18th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

To qaulify for HARP at least one of the ORIGINAL borrowers must be on the new loan.

Apr 18th 2013
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Pam Schubert - VA certified loan specialist (pschubert)
#17 ranked lender in Wisconsin - 24 contributions

If your son signed the note, then he should be on the mortgage also. If you and your husband are not on the Note then you will not be able to do the HARP without your son.

Apr 18th 2013
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Pam Schubert - VA certified loan specialist (pschubert)
#17 ranked lender in Wisconsin - 24 contributions

If your son is on the Note then he should also be on the mortgage. If you and your husband are not on the Note then you will need your son to be able to do the HARP.

Apr 18th 2013
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