News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
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Looking forward to the updates, especially on pricing. The original HARP, the re-fi costs were too costly. I was seeing $6-8K closing costs for a $130K mortgage.
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
salsageek, you are indeed in a tough spot without Fannie or Freddie owning your current 1st..
One thing I am seeing quite a bit of with your type of scenario is 2nd mortgage holders agreeing to a...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
flee, the current HARP has two different pricing tiers. 1) loans up to 105% LTV and 2) loans >105-125% LTV. The first tier pricing is comparable to regular conventional pricing. The second tier...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Just one guys perspective who does not believe in personal responsibility and definitely not knowledgable about the consequences.
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
My existing loan holder, Provident funding does not participate in the program. I am around 125% LTV. So I was looking at other lenders. Most of the closing costs were around $6K. Im in FL, know...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
http://articles.latimes.com/2009/nov/29/business/la-fi-harney29-2009nov29
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
http://content.usatoday.com/communities/theoval/post/2012/02/obama-proposes-home-re-financing-plan/1
"no closing costs" Re-fi at today's rates according to today's article.
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Political posturing is using other people's money to bail out people who made poor choices. Distorting and manipulating the market is what got us here in the first place.
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Excellent link flee.
I am glad the article states: “It is important for borrowers to be aware that individual lenders are implementing their own underwriting overlays,”
This is where the...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
It has been a couple of weeks and a lot of people asking for updates. Even though the HARP 2.0 guidelines reflect lifting the LTV cap, each lender has their own guidelines and 'overlays' as to what...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
I am posting this to better explain and differentiate between the Servicer and who owns the Loan. Many times they are not the same. While you may be making your payments to B of A, Chase, Wells...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
sometimes its better to walk away
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
I am not disagreeing with that as a general statement, but everyones scenario is different and the consequences associated with walking away are just too much for many to bear.
For those sticking...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
flee, not all lenders participate in the 125% and cap themselves at the 105%. Out of my 12 lenders only 4 participate in the 125%
I have not seen anything concerning lower costs but, from what I...
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Hi flee;
At this time the only thing that people can look forward to is HARP 2.0 which expands on HARP.
This is an idea that tries to take it (HARP) a step further, but please do not count on...
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
What other options are out there besides HARP? My 1st/2nd mortgage are not fannie mae or freddie mac. Am i screwed?
I have a 1st for $98K @ 7.5% & 2nd for 42K @ 12%!
and now my house is worth...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
March 1 update:
Some of my smaller lenders will be taking HARP 2.0 loans with NO LTV CAP as of March 17th.
I foresee many more lenders forthcoming with anouncements and getting on board as well....
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
flee, thanks for this info.
In the case of a current loan having MI we definitely check with their existing servicer first as to the eligibility.
If the existing loan was no higher than 80%...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Here is an update for those waiting for HARP 2.0
I received notice from Wells Fargo that starting February 6, Wells Fargo will be registering HARP loans under the HARP 2.0 product name.
...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
This is the best(or at least most active) discussion I have found in regards to harp 2.0. Check the comments section.
http://www.bills.com/harp-mortgage/
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Just updating for those following.
From the chatter I am hearing, my sense is we will see a few lenders changing their guidelines in late March and many more in April.
I have wholesale...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Do not confuse the terminology. ALL loans have closing costs.
The costs can get rolled into the new loan amount, be reduced by a higher rate which provides a rate credit, or a combination of both....
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
fwhadoken;
I am doing A LOT of HARP 2.0 loans. Not all borrowers are qualifying but most are (with excellent credit being the key). Although the rate is higher these loans (especially >125% LTV)...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Has anyone filed a HARP 2.0 refi yet? My wife's bank Chase called us and said we qualify. We own an underwater condo right now that is on a 6% interest only loan (400K balance, $300K mkt...
News for those waiting for HARP 2.0
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Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Something new in the bolded area below, the rest of this article is the same ol stuff you all have heard.
The most ambitious federal mortgage program to date aimed at millions of underwater...
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Thanks for the advise tiedyed1. I spoke with my 1st and they said they don't do any refi. they told me my best bet is to refinance locally. I am hoping I could come up with at least 10K from...
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
There are a lot of underwater homeowners whom have been anxiously awaiting for HARP 2.0, which will include the lifting of Loan To Value (LTV) limits that the current HARP products have.
I just...
News for those waiting for HARP 2.0
Expired
Thread created 01-17-2012 by tiedyed1
+2 Score
27 Replies
7,230 Views
Don't eat lunch with that guy. He'll order two meals, get a doggy bag, and "strategically default" when you turn your back, leaving you with the check.
