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Non GSE loan - Is HARP 3 our only solution?

Our non GSE loan is @ 5.87 %. Frustrated that we can not get a better rate. We are current, never late. Told by B of A, the servicer, that our loan, a CWALT pass thru certificate, is tied up with the investors and there is nothing they can do. The PSA will not allow any modifications unless we are at default. It almost encourages responsible homeowners like myself to become irresponsible.Any advice for us? by Jim & Liz Kinder from Ponte Vedra, Florida. May 13th 2013 Reply


Stephen McWilliam (StephenMcWilliam)
#136 ranked lender in Florida - 45 contributions

As this is a non-GSE mortgage loan no HARP program applies. Depending upon the investor you may be able to do a short payoff with a refinance; otherwise short sale is the only option other than paying the current mortgage rate.

May 13th 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

If your LTV is over 80% but you're not underwater try to find a lender that can offer upfront mortgage insurance premiums. In many cases you can either finance the premium or work with your LO to get a lender credit to cover most if not all of the premium. Upfront MIP will keep you from having monthly PMI saving you thousands. Good luck!

May 13th 2013
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Sharon Duffy (sduffy)
#71 ranked lender in Pennsylvania - 595 contributions

I am assuming you are underwater in your property. If so, then yes, Harp 3 will be your only resource. Feel free to call me:Sharon 856 324 36087th Level Mortgage

May 13th 2013
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Yes we are underwater, so I am right... no help for the "Good Guys"

May 13th 2013
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Linda Burek (lburek)
#138 ranked lender in Florida - 25 contributions

Are you upside down or do you have some equity? We can go up to 95% on a refinance and possibly 97%. If you have some equity and good credit please call me and I will take your application and see what I can do for you. Best Regards, Linda (727) 530-9404 or (727) 460-9418.

May 13th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Unfortunetly the Good Guys are stuck in your situation......hopefully something new comes up in near future that can help you.

May 13th 2013
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Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 97 contributions

Yes Wait for Harp 3.. New guy being confirmed for Fannie and Freddie.. Next few months we might see a Harp 3

May 13th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

We specialize in HARP loans. E-mail me your name, number and e-mail and we will keep you updated as to the progress of the HARP 3.0 loan. We expect this program to be available by the end of the year. P: 888-320-7888 - ken@mortgagesforamerica.org - Ken Burrows

May 13th 2013
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