Forgotten Your Password?

Need to Register?

Question Icon

Would e be able to do cash-out using no LTV limit of HARP2?

If so how much can we pull out of the house? We are in need of $25000 loan and our home is valued at 320K, and we owe about 310K. PLease help. by Eduard_749_462 from Cerritos, California. Feb 8th 2012 Reply


Michael Mullin (TheLoanConsultant)
#47 ranked lender in Washington - 12 contributions

Sorry Eduard but HARP is only to refinance your existing mortgage. You can not pull cash out. http://theloanconsultant.com/obamarefinance

Feb 8th 2012
0
0
Kiyoshi Inui (Kiyoshi)
#536 ranked lender in California - 109 contributions

Unfortunately the HARP program is only Rate & Term, and does not allow cash out. If the money is needed to consolidate credit card debt, you may want to utilize the HARP program first, then call each credit card company, explain to them what kind of financial hardship you're in & renegotiate the rates & terms for each one. You want to use the HARP program 1st, because sometimes the companies will require you to close your credit card in order to renegotiating the terms (this does impact your credit). Feel free to contact me if you have any questions.

Feb 8th 2012
0
0
Brad Yzermans (HomeLoanArtist.com)
#514 ranked lender in California - 10 contributions

That would be great to be able to take out as much cash using the HARP 2 unlimited LTV program wouldn't it? Or even debt consolidation! You might want to consider doing a 15 or 20 year loan and paying off that mortgage much sooner and saving yourself a ton of interest. The rate son a the HARP 2 15 and 20 year loan are lower than the 30 year fixed. Call me to discuss your options and get an estimate. (951) 215-6119 or go to the link below.http://homeloanartist.com/loan-programs/conventional-home-loans/home-affordable-refinance-program-harp-california-home-owners/

Feb 8th 2012
0
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

This HARP 2.0 is not going to help you if you need to pull cash out.. WilliamAcres.com

Feb 8th 2012
0
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

The HARP program is for rate & term refinances only, no cash out. All the best!

Feb 8th 2012
0
0
Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

NOPE

Feb 8th 2012
0
0
Rick Gause (rgause)
#457 ranked lender in California - 6 contributions

Even the Reverse Mortgage option would be unavailable with your low equity position. Sorry.

Feb 8th 2012
0
0
Subscribe to our news feed.