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Underwater Loan, Freddie Mac, what can we do?

We have a Freddie Mac mortgage and we're currenlty underwater almost 100,000, the home is valued at 375,000. Can we refinance through a HARP or what can we do? by meliss_719_298 from Annapolis, Maryland. Nov 4th 2011 Reply


Scott Kinne (Skinne)
#29 ranked lender in Virginia - 71 contributions

The new revised HARP program is being released and it appears it will help you to refinance. Of course you will still need to qualify for the new mortgage and your credit scores need to meet the requirements. Also, it appears you won't have to go through your existing lender to get the new program so you should be able to shop various companies to make sure you get the best rate possible. Good luck!

Nov 4th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Not yet, but there is a "new and improved HARP" program on the horizon. Guidelines will be released the 15th of this month, and expect lenders to have programs in place by the first of the year. WilliamAcres.com

Nov 4th 2011
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Craig Warner (CraigWarner)
#404 ranked lender in California - 6 contributions

The responses above are correct. We currently have a program in place going up to 125%, however in the near future those restrictions will be lifted.Please give me a call. Love Annapolis, my hometown.Craig Warner

Nov 4th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

The HARP requirements will ring true for those who have been left out will you qualify? Home Affordable Refinance Program has been updated allowing more homeowner's to take advantage of the program. The New HARP Mortgage Program Guidelines have several benefits for home owners: oThe program has been extended until December 31, 2013. oThe maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage. oHowever for homeowners looking to refinance in to an adjustable rate mortgage the maximum LTV is set at 105%. oThe appraisal process has been streamlined; in cases where an Automated value can be determined an appraisal would not be requiredGet started early and good luc.

Nov 4th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,960 contributions

Probably NOT under the current HARP guidelines (Home Affordable Refinance Program). HARP II, with relaxed guidelines was announced a little while ago. Unfortunately, no lender has any official guidelines just yet, just basic parameters. It is a little premature for anyone to be saying exactly if you or anyone else will be able to take advantage of the new program - WE DON'T KNOW THE RULES YET! No one should expect to actually be able to refinance under HARP II until the end of Q1 2012.

Nov 6th 2011
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Glenn Main (gmain07)
#41 ranked lender in Maryland - 10 contributions

The guidelines should be coming out in the next couple of weeks if you would like more info feel free to call me at 1-800-332-9221 ext 2324 Glenn Main at Equity Mortgage.

Nov 7th 2011
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