How can we lower our interest rate? Refinance or HAMP
We applied for HAMP several times last year and were denied for ridiculous reasons, ex- they let documents expire or they did not have my tax return when we file jointly and they had my husbands. Our Mortgage company told us we had to be at least 61 days late on our payments to even be considered for HAMP by Fannie Mae. We were in the third month of being late and they said our application was complete and in review, then they turned us over to foreclosure and would not accept anything but full payment including thousands in fees. We fought it for many months but now our credit is ruined and their "In-House" modification is only $70 less than where we were. How can we get a lower interest rate and not loose our home with bad credit due to the servicer only? Refinance, HAMP, HARP. . . then do we have to be 61 days late again? by lastko_958_218 from Spokane, Washington. Feb 15th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Personally I think HAMP and loan modifications in general were a complete scam... thousands of people are in the same situation as you... but here's the best advice I can give you... HARP 2.0 will allow you to refinance, however you cannot have more than 1 x 30 days late in the last 12 months, and it could not have been in the last 6 months... the HARP 2.0 expires in December 2013, so if you don't qualify now, you should be able to in the future. Contact a local mortgage broker, not a bank and apply with them.. They can look at your complete profile and guide you to the right loan product.... WilliamAcres.com
James Adair (james@pdxhomeloan.com)
#20 ranked lender in Oregon - 3 contributions
UGH! You will have to wait for HARP, like William mentioned. You might end up getting a better deal with an FHA if your credit scores are thrashed. FHA will want 12 months on time pay history too. Good advice to get in touch with an experienced BROKER who knows the landscape and how to get things closed. Hang in there! I can take a look at it for you if you want: www.pdxhomeloan.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Under HARP you can't be more than 30 days late once in the last 12 months and not in the last 6 months. If your loan is owned by FNMA or FHMC, this is the route you want to go. Since your bank obviously didn't want to help you, don't ask them again. Instead, contact a local Mortgage Banker/Broker and work with them. They will be able to tell you exactly what you need to do to qualify. Good luck ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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