How do I Refi via Harp after ch 13 discharge or via any other potential type of loan?-
Refi via Harp after ch 13 discharge or any other type of loan?- Im about to receive discharge papers any day now. I would like to refinance out of a 6.5% 30 year fixed into a 15yr fixed. Property shows that its now a Freddie Mac loan. Its serviced by Citimortgage who refuses to allow me to speak to their Harp dept without a letter from attorney or actual discharge paper in hand. Fico score probably around 640-680 my best guess. There was a 2nd mortgage that was declared unsecured debt and stripped in the Ch 13 bankruptcy and will shortly be recorded as such on the deed/ title at the county level. What are my options if any? the loan balance is pretty small, $58650, appraisal probably would now put property at best guess 80,000 approx(ive done alot of repairs and renovation) I make around 65,000 a year and in addition am also a sole shareholder in a small C-corp with good cash flow. Any ideas? Sure would be nice to take advantage of low rates via harp or any other kind of conventional loan. I was told by TD bank that they generally look for 2 years of estabilished credit after discharge. Ive already been in Ch 13 for over three years with ontime payments and any day now i wil be offically discharged. Thanks in advance J by eastco_459_257 from Durham, North Carolina. Apr 27th 2012
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Until the Bankruptcy court has discharged your case, NO lender will talk to you. The exception is with permission from your assigned trustee. If you r discharge is really only a few days away, be patient. Once the order is issued you are free to shop wherever you want. Your current bank is probably the last place to start. Freddie Mac loans are significantly harder than Fannie under HARP 2.0, but they are doable. As far as qualifying, you will need to provide proof that you have been in your BK plan for at least 12 months and ALL payment were paid according to plan. Start with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Only go back to your current bank if no one else can help you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Thanks Bert for the quick answer! Do you have any recommendations on any of those good mortgage bankers/brokers here in Durham NC area? Do you think Harp is the best route i should ask for or will the "mortgage banker/broker" look at all possibilites. I remember reading somewhere that Harp excluded properties that had had a 2nd mortgage stripped from it? Remember i already have a 6.5% and i ideally want to hit the low 3's, just dont know what numbers they will throw back at me. Ill be in property for a long long while, already been here for 6 years. Cheers!J
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
The reality is that none of the lenders are truly following the HARP guidelines to the letter. They all have their own additional guidelines/restrictions, we call overlays. Start your search for a local Mortgage Banker/Broker by clicking on the "Find a Lender" link above. You can also find one by going to the National Association of Mortgage Professionals (NAMB) website at www.NAMB.org and click the "Find a NAMB Broker" link. Finally, check their listing at the National Mortgage Licensing System at www.NMLSConsumerAccess.org . Check their employment history to make sure they weren't delivering pizzas a year ago. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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