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My mortgage is underwater by 15%. I refinanced my mortgage (30yr conventional) from 6.5 to 5% through HARP loan process (Wells Fargo/ Freddie loan). I know that HARP loans cannot be refinanced under HARP.

Is there any new government program that lets me refinance to lower interest value? I pay my mortgage on time and cannot demonstrate hardship.

3 Thoughts on How to refinance a HARP Loan?
  1. Reply
    July 9, 2012 at 1:49 am

    What you ‘know’ is FALSE. HARP was a SPEECH given by President Obama. There was NEVER an actual program. Each bank made up their own ‘rules’ to deal with people that THOUGHT there was an actual government program. There is a new SPEECH, but unless Congress passed something I missed, there STILL is not an actual program to begin with.

  2. Reply
    M W
    July 9, 2012 at 1:50 am

    If you are able to continue making payments, then you are not in big financial trouble.

    15% underwater is not a huge amount unless your mortgage is huge.

    When you buy a new car, it immediately drops in value the minute you drive it out, and you owe more than it’s worth at that point. What do you do? You make payment for the life of the loan.

    Just think about your house like you do a car – keep making the payments, and eventually it will all even out.

  3. Reply
    July 9, 2012 at 2:40 am

    You are correct that the HARP program does not allow for a second HARP refinance (except for a very few loans that were done in the beginning of the program between March 2009 and delivered by May 31, 2009).

    There is currently no program that deals with your situation. The new Obama refinance plan addresses non-Freddie and Fannie loans, for people who are not eligible for the HARP program, but, at this point, it is only a proposal.

    Some of the new programs deal with loan modification and foreclosure. Since you are paying on time, and do not have a financial hardship, you will not qualify for the loan modification programs.

    Keep making your payments on time, maintain a good credit, and keep track of the mortgage rates and value of your house. Perhaps, there will be an opportunity in the future to do another refinance, at a better rate, once home prices rebound. Until then, keep in mind that 5% is, by historic terms, a very good rate.

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