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My mortgage is backed by Bank of America. Am I eligible for HARP?

My mortgage is backed by Bank of America. Am I eligible for HARP? by alicec_386_688 from New Orleans, Louisiana. Mar 5th 2012 Reply


Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

It's not necessarily about the lender - it's more about the initial note date on your original mortgage and if you are currently paying mortgage insurance. I would love to discuss this with you. My number is 225-926-5408 or you can reach me by email at Chasity@LALending.net. Thanks!

Mar 5th 2012
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

And I should point out - your property type, the type of loan you currently have and your payment history all factor into your refinance options through the HARP program. Thanks!

Mar 5th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

To be eligible for HARP or HARP 2.0, your loan needs to be owned by Fannie Mae or Freddie Mac. In your case, BofA is the servicer. They could be the owner, or servicing the note for Fannie or Freddie or another investor. To know for sure, check out these sites to validate your eligibility:For Fannie Mae (FNMA) use http://www.fanniemae.com/loanlookup/ For Freddie Mac (FHLMC) use https://ww3.freddiemac.com/corporate/. Once you know, avoid the big banks. The big banks are not going to be able to keep up with the volume, causing many homeowners to be stuck in their high rate loans much longer than they need to be. Instead, contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. In general, we tend to be much more nimble and able to close loans much faster than they do already, and can easily ramp up personnel to accommodate higher volumes. Whomever you use, check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 5th 2012
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

I would not just assume you are eligible as some of the posts have stated. I would follow Bert's advice and look up your property thru the Fannie and Freddie web sites.

Mar 6th 2012
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