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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Can't take advantage of the HARP
My loan is invested with Bank of America.
No go for me.
Wells can't help me at all.
My only choice would be short sell or foreclosure.
Either way I kill my credit and still end up owing the fed tens of thousands.
Nice right?
Making Home Affordable to no one.
Message edited 6/17/2011 10:53:07 AM.
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Posted 6/17/11 10:52 AM  |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can't take advantage of the HARP
why are you not eligible? im having issues now too.
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| Posted 6/17/11 11:09 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Can't take advantage of the HARP
The investor has to be Faninie Mae or Freddie Mac for a HARP elligible loan.
are you talking to like an 800 number or a real loan officer at BOA? a real loan officer MIGHT be able to help you figure out better options. What about a loan modification? Did you ask about that?
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| Posted 6/17/11 11:35 AM |
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Re: Can't take advantage of the HARP
Neither can I. I bought my condo in 2006 with only 3-5% down (big mistake! never put down less than 20%%!!) . I am underwater by about $ 50K. I have a 5.99% rate on a 30 year fixed.
I got married and moved out so its being rented but the rental doesn't cover the mortgage (I am still short $ 800/month because of HOA dues/taxes/escrow, etc).
No bank wants to touch me even though I have a great FICO score, a steady history of timely mortgage payment and no debt (other than 1 small student loan).
Chase/Citibank/Wells Fargo/Quicken all told me I don't qualify for HARP so I am basically forced to either (1) ride out the market and hope I can increase the rent 30% over the next 5 years, or (2) put down $ 47K of my own savings to sell it and get out with just my shirt.
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| Posted 6/17/11 1:22 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Can't take advantage of the HARP
Posted by Blu-ize
My loan is invested with Bank of America.
No go for me.
Wells can't help me at all.
My only choice would be short sell or foreclosure.
Either way I kill my credit and still end up owing the fed tens of thousands.
Nice right?
Making Home Affordable to no one.
Are you in a situation that you need to sell?
Yes, w/ a short sale or foreclosure you do kill your credit but you may not necessarilly owe any money. One of the things the lawyers who negotiate a short sale should be doing is trying to convince the bank to waive a default judgement.
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| Posted 6/17/11 2:03 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Can't take advantage of the HARP
Posted by BatGirl9910
Neither can I. I bought my condo in 2006 with only 3-5% down (big mistake! never put down less than 20%%!!). I am underwater by about $ 50K. I have a 5.99% rate on a 30 year fixed.
I got married and moved out so its being rented but the rental doesn't cover the mortgage (I am still short $ 800/month because of HOA dues/taxes/escrow, etc).
No bank wants to touch me even though I have a great FICO score, a steady history of timely mortgage payment and no debt (other than 1 small student loan).
Chase/Citibank/Wells Fargo/Quicken all told me I don't qualify for HARP so I am basically forced to either (1) ride out the market and hope I can increase the rent 30% over the next 5 years, or (2) put down $ 47K of my own savings to sell it and get out with just my shirt.
Sorry to hear about your situation.
I'm figuring that the house you now live in also has a mortgage?
Do you really think you'll be able to increase the rent by 30% over the next 5?
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| Posted 6/17/11 2:06 PM |
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Re: Can't take advantage of the HARP
Posted by bobby769
Posted by BatGirl9910
Neither can I. I bought my condo in 2006 with only 3-5% down (big mistake! never put down less than 20%%!!). I am underwater by about $ 50K. I have a 5.99% rate on a 30 year fixed.
I got married and moved out so its being rented but the rental doesn't cover the mortgage (I am still short $ 800/month because of HOA dues/taxes/escrow, etc).
No bank wants to touch me even though I have a great FICO score, a steady history of timely mortgage payment and no debt (other than 1 small student loan).
Chase/Citibank/Wells Fargo/Quicken all told me I don't qualify for HARP so I am basically forced to either (1) ride out the market and hope I can increase the rent 30% over the next 5 years, or (2) put down $ 47K of my own savings to sell it and get out with just my shirt.
Sorry to hear about your situation.
I'm figuring that the house you now live in also has a mortgage?
Do you really think you'll be able to increase the rent by 30% over the next 5?
Yeah its an all around bad situation but its partially my fault for not putting down at least 20% (although I would still be underwater but only by around 20K instead of 50K).
I live with my husband in his house and he has a mortgage on it - which is REALLY IRONIC because he actually qualifies for HARP despite the fact that he is WAY ABOVE water on his mortgage and has a history of paying MORE than the required monthly mortgage amount!!
The thing is the house we live in now is just too small (2 bedroom Bungalow). It is cozy but I need more closet space and frankly I want to buy a 3 bedroom home in the future. DH has about 65% equity in the house already since he put down more than 50% toward the downpayment back in 2004. Once he signs the closing documents, his payment drops $200/month (with the remaining balance being something sickeningly low like $145K).
In order for us to get into a bigger house I have to sell my condo. I dont see rent going up 30% over the next 5 years. If I increase the rent to cover my mortgage/taxes/HOA ($1,900), I'd have to wait until 2018 for my loan balance to equal the re-sale value of the condo. 
So thanks to my underwater mortgage, I can't really short sell (dont need to and wouldnt considering the credit hit) nor increase the rent substantially. DH and I will have to focus on paying down his mortgage so once we DO sell our house, we may be in a position to either repay the mortgage balance on my condo or sell it at a loss.
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| Posted 6/17/11 2:28 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Can't take advantage of the HARP
Posted by BatGirl9910
Yeah its an all around bad situation but its partially my fault for not putting down at least 20% (although I would still be underwater but only by around 20K instead of 50K).
I live with my husband in his house and he has a mortgage on it - which is REALLY IRONIC because he actually qualifies for HARP despite the fact that he is WAY ABOVE water on his mortgage and has a history of paying MORE than the required monthly mortgage amount!!
The thing is the house we live in now is just too small (2 bedroom Bungalow). It is cozy but I need more closet space and frankly I want to buy a 3 bedroom home in the future. DH has about 65% equity in the house already since he put down more than 50% toward the downpayment back in 2004. Once he signs the closing documents, his payment drops $200/month (with the remaining balance being something sickeningly low like $145K).
In order for us to get into a bigger house I have to sell my condo. I dont see rent going up 30% over the next 5 years. If I increase the rent to cover my mortgage/taxes/HOA ($1,900), I'd have to wait until 2018 for my loan balance to equal the re-sale value of the condo.
So thanks to my underwater mortgage, I can't really short sell (dont need to and wouldnt considering the credit hit) nor increase the rent substantially. DH and I will have to focus on paying down his mortgage so once we DO sell our house, we may be in a position to either repay the mortgage balance on my condo or sell it at a loss.
Would it make sense for you to drop your 47k of savings into the house in which you currently live?
Message edited 6/17/2011 2:48:28 PM.
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| Posted 6/17/11 2:46 PM |
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Re: Can't take advantage of the HARP
Posted by bobby769
Posted by BatGirl9910
Yeah its an all around .......(edited to keep things short)
Would it make sense for you to drop your 47k of savings into the house in which you currently live?
Not really, DH has savings to not even carry the mortgage and everything is in his name. The condo is in my name (bought before I even met him) and its just an anchor weighing me down in terms of unloading it so we can buy another place. My plan was to sell the condo and use the proceeds to apply it toward a bigger house along with the proceeds of our home - but clearly thats not going to happen unless we postpone buying the bigger house for another 3-5 years (or until this housing market starts to improve).
If I had 47K in savings, I would have paid into the condo refinance just to get myself in a better position to sell it at break even point and get out completely.. , but I dont have that kind of money just lying around...lol. 
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| Posted 6/17/11 3:22 PM |
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