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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Has anyone done a HARP refinance recently?
We started process back in the spring and it's taking forever.
Just wondering if this is "normal"?
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Posted 10/7/15 8:38 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Has anyone done a HARP refinance recently?
Closed last summer on our HARP refi. Once we had a lender that participated AND worked with our PMI company it was very quick and easy. That said that was our 3rd go at it.
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| Posted 10/7/15 9:31 PM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: Has anyone done a HARP refinance recently?
Thanks!
Yeah, the first lender wouldn't work with us because of difficulties they were running into with our current lender and Fannie Mae.
Second has been great, but I haven't heard from in several weeks and I'm getting nervous.
Granted they said the process is difficult....the savings is worthwhile though!!
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| Posted 10/8/15 5:16 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Has anyone done a HARP refinance recently?
We did a HARP refinance a few years ago and while Chase, who held our 1st mortgage, was very cooperative Green Tree, who held our 2nd mortgage, made everything VERY difficult and really dragged out the process. Once Green Tree finally stopped fighting it and subordinated on our loan, the HARP refi went through without any problem.
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| Posted 10/8/15 8:20 AM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: Has anyone done a HARP refinance recently?
Posted by Hofstra26
We did a HARP refinance a few years ago and while Chase, who held our 1st mortgage, was very cooperative Green Tree, who held our 2nd mortgage, made everything VERY difficult and really dragged out the process. Once Green Tree finally stopped fighting it and subordinated on our loan, the HARP refi went through without any problem.
Yes! Initially we were having lots of issues with GT.
I even filed multiple complaints.
We got past that and are being told the green light to move forward but "they need to get a few more things to clear first" .
I'm not sure what that means though....I'm going to call today though. I've been emailing and they haven't been responding.
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| Posted 10/8/15 8:23 AM |
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HisNoMore
LIF Toddler
Member since 12/10 415 total posts
Name:
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Re: Has anyone done a HARP refinance recently?
I did last summer with Quicken Loans. Very fast process, I was shocked. From start to finish it took a little over a month.
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| Posted 10/8/15 10:00 AM |
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LBBCHGRL
LIF Infant
Member since 1/08 199 total posts
Name:
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Re: Has anyone done a HARP refinance recently?
Sorry to hijack....but I have been curious about HARP refinances. How did you go about getting started? Are there specific requirements?
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| Posted 10/8/15 10:01 AM |
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Re: Has anyone done a HARP refinance recently?
I refi'ed my rental property in 2011 under HARP and the entire process took about 2-3 months tops. HARP refinances allowed many homeowners to lower their payments on underwater properties.
I believe the process could take a little longer now because there are new Disclosure rules that went into effect on October 3rd (TRID).
See:
http://www.cnbc.com/2015/10/05/getting-a-mortgage-may-take-longer-under-new-rules.html .
Qualifications for HARP:
The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac
The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
See: http://harpprogram.org/index.php
http://www.hsh.com/finance/refinance/what-is-harp-do-i-qualify-for-a-harp-loan.html
Message edited 10/8/2015 11:16:48 AM.
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| Posted 10/8/15 11:13 AM |
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LBBCHGRL
LIF Infant
Member since 1/08 199 total posts
Name:
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Re: Has anyone done a HARP refinance recently?
Thanks for the info EclecticEsq. Though I think that I am out of luck as I refinanced at the beginning of 2012. But I will still try since we live in Long Beach and my house value has dropped dramatically.
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| Posted 10/8/15 11:33 AM |
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Re: Has anyone done a HARP refinance recently?
Posted by LBBCHGRL
Thanks for the info EclecticEsq. Though I think that I am out of luck as I refinanced at the beginning of 2012. But I will still try since we live in Long Beach and my house value has dropped dramatically.
So long as it wasn't a HARP refi you should be ok. Call Quicken Loans and ask.
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| Posted 10/8/15 9:30 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Has anyone done a HARP refinance recently?
Posted by Blubtrflygrl
Posted by Hofstra26
We did a HARP refinance a few years ago and while Chase, who held our 1st mortgage, was very cooperative Green Tree, who held our 2nd mortgage, made everything VERY difficult and really dragged out the process. Once Green Tree finally stopped fighting it and subordinated on our loan, the HARP refi went through without any problem.
Yes! Initially we were having lots of issues with GT.
I even filed multiple complaints.
We got past that and are being told the green light to move forward but "they need to get a few more things to clear first" .
I'm not sure what that means though....I'm going to call today though. I've been emailing and they haven't been responding.
They were HORRIBLE to deal with. It got to the point that they dragged everything out SO long with the subordination that the entire refi almost fell apart. Not even kidding, in the 11th hour (literally hours before Chase was going to close out the application) they agreed to everything and signed off. I couldn't believe the way they kept jerking us around. They are a terrible mortgage company, I wish I could get rid of them.
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| Posted 10/9/15 5:10 PM |
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