Responsible homeowners seek refinance help!

Hello.Sadly, the thinking behind the HARP guidelines are that folks that are taking out loans after the housing crash, do so at their own risk. It appears you have already used the HARP loan guidelines in 2011. That being said, there is a way you can negotiate better terms with your current lender/servicer. It involves finding tortious or fraudulent activity with the current mortgage loan/appraisal and using that as leverage to negotiate better loan terms. Most lenders have ironed out the issues prior to 2011, so you may not have much success with this, but there are thousands of folks having success getting principal reductions and payment modifications using this strategy. If you want a professional loan auditor's contact info, I can refer one to you. He is in Wash, DC and is an atty. Email me for his contact info.

The HARP program is for responsible homeowners however you refinanced last year so you are ineligible for that reason. Unless a new HARP program comes out for those in your situation then you are sadly stuck in an underwater home.

Unfortunately, there are no current loan options for you. The only thing that may be of interest is to pay down your principal and then refinance to a very low rate. Best Of Luck!

The HARP program was intended for responsible home owners, since you wouldn't have been able to refinance under the program before when you were nearly $100K underwater.. But the program guidelines were as clear then as they are now.. You only get to use the program once.. One and done!! And I wouldn't anticipate any program in the future to help your scenario, since all the programs tend to target "Prior to June, 2009" as the qualifying date. You could pay down your mortgage to 80% Loan to Value ($292,000). It's a huge chunk of cash to lay out, but you would have significant payment savings.. If you go 15 years, even lower interest rate, you would still have a lower payment than your 30 year mtg payment.. Since values are on the rise, it's not a bad financial strategy.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

exactly, until a new program comes out.. its really difficult... if you want , send me your address and I will do a complete property analysis , to check you value linda yourloanpartnerforlife@live.com

Sorry there is not a program out there to help you at the moment.

I am an Illinois lender in the Chicago suburbs. Hang in there for a little while. There has been some "chatter" that the HARP may be expanded. It doesn't seem that it will happen anytime soon, but the complaints are that there are many borrowers just like you. With a 365K mortgage, that's a big payment that could go down significantly if you could refinance. I would recommend that you keep an eye on local sales and as soon as there is some movement that would support a higher appraised value, then that would be the time to try the refi again. Also, 2011 was pretty brutal in terms of values in certain pockets of Chicagoland. Have you looked around to see if there have been more recent sales in your neighborhood?I'm very familiar with most of the suburbs and would be pleased to see if I can help you, whether now or in the future. b.lanis@comcast.net 630-660-8868

Unfortunately there is a one time option to use the HARP option and now that your loan is owned by Freddie Mac they have the same June 2009 deadline - so your new mortgage does not qualify. The only option I can think of that might make sense for you would be to pay the balance of the mortgage down to less than 95-97% of the current appraised value. That would allow you to refinance but the new loan would have PMI (Mortgage insurance). While that isn't desirable because your rate is so much higher than is currently available it still might be a benefit to you. One idea that others have used is to borrow from their 401k (so that you are paying yourself back) to make this step possible. Otherwise, at the moment there really aren't any other refinance options for you.