HARP rifi DONE

[mavric]

It took 2 years ,but I kept trying.
4 lenders later we got it done Closed 5/19/16
Best part is.... drop 3 points .6.375 to 3.375 went from 30 yr [20yrs left] to 15yrs
Lower payment $100.00 month
Plan is to pay biweekly add $200 and will be done in 10.4 years.
If we had waited to discharge would had to wait 2 mores years.
Did it this time with Quicken loans from start to finish only took 36 days.
Already had courts OK
Now only 7 more BK payments to go.

BTW HARP ends 12/31/2016

[BNKRPTinNC]

Excellent and congratulations!!!!

Wish I could have used HARP but did find an avenue thru FHA. I have been done with my 13 a little over 2 years now, which is generally the wait time in our situation to attempt refinancing. Currently at the final stages to see if the appraisal comes back high enough and I too will be able to drop over 4 points on a 30 year note (20 left) and refi to a 15 with plans to pay off in less than 9. Life is good.

[sophieanne]

Congratulations and good for you!!! That's a great story that gives everyone hope!!!! 7 more payments, what perfect timing!

[dmc-2008]

You are set! Awesome job!!!! Woot!!!!

[Forza42]

Is HARP only for Fannie Mae loans?

[BNKRPTinNC]

Is HARP only for Fannie Mae loans?

Short answer, no.

[LadyInTheRed]

Short answer, no.

Longer answer: Your loan must be owned by Fannie Mae or Freddie Mac to refinance using HARP.

If you don't know if your loan is owned by one them, there are links to look it up at http://www.harp.gov/Eligibility

[Forza42]

Longer answer: Your loan must be owned by Fannie Mae or Freddie Mac to refinance using HARP.

If you don't know if your loan is owned by one them, there are links to look it up at http://www.harp.gov/Eligibility

Thank you!

[sophieanne]

Hi, Just clarifying.
So if you did not complete the HARP refi while in your BK plan, you would've had tot wait 2 years after discharge?
I called Quicken loans but my situation is different. I'm in a really good situation with an adjustable rate that is very low, right now 3.25%,
We're looking at getting a refi to a fixed rate (same situation as you in a 30 year with only 20 to go and would refi to 15%. We're looking at this only because we're worried about what the rates are going to do after the presidential election. In our case the rate would stay the same, 3.25% but our payment would increase. Not sure how the trustee would feel about that. In our case, it is my attempt to pay off our plan either in July or August (we've been making lots of extra payments). So is it worth us going through the trustee??

[mavric]

... IF you can use HARP DO IT Ends this year 12/31/16.
From everything I read you will have to wait 2 years after discharge to do a conventional loan, If your loan is a Fannie Mae/ Freddie Mac loan use HARP.

What I learned is if your payment stays with end 20% ,of what your payment is now .[higher] The credit Guideline ,the loan to value do not come into play as much.
You will need court's ok to do this ,that may take 45 days or longer.
HARP will get you out of a ARM and go to a fixed rate. The rate maybe higher, I got 3.375 ,saved 3% But you will be in a fixed rate.

I was in a fixed rate loan to start with.

The way i did it was to get a loan estimate form Quicken, that way you know you can use HARP. Take it to my lawyer to file for court's Ok.
You can use HARP while in a CH 13.
After the courts ok I closed in 36 days . Good Luck

PS... the key is to get the courts OK

[sophieanne]

Thanks mavric,

I just spoke to my attorney. He says there would be a small charge for him to petition the court but it could be done. Since it wouldn't cause a change to my plan, it would be a quick ok. Having said that, he thought since I want to pay my plan off in July, he thought I should just leave it and refinance when I'm discharged (approx. 1 month after the final payment). It would definitely be HARP and even the Quicken loan officer feels that would make it even easier.

I think that's what I'm going to do. Thanks so much for your posts, they helped push me into moving ahead.