How can I make my mortgage payments smaller?

Posted on Oct 2, 2012 in Unique Loan Programs

Question by gabytwogood: How can I make my mortgage payments smaller?
So I own a house that is worth according to Zillow $ 97, medical clinic 800. I have a first and second mortgage on my home my first is for $ 124, cialis 40mg 00.00 and my second for $ 30,00.00. I called Wells Fargo today because my loan is owned by Fannie Mae, to see if I qualify for the Home Affordable Refinance Program (HARP). They told me that I dont qualify but cannot tell me why, I dont want to do a Remodification since I dont want to ruin my credit. AAAAHHHHHH!!!! I just want to scream because as soon as I see that something may work for me (HARP)…..It doesnt.

What else can I do?
Who should I go to?

Thank you!

Best answer:

Answer by Angry Bird
Don’t trust zillow. I hear this on TV all the time.
If you want an estimate, you can always call your home insurance company and ask them to review your home value. You never know, your home insurance costs could go down.

Your income may not be enough to re-finance the mortgage, or you may not have enough equity built up in the home. Eligibility:
You may be eligible for HARP if you meet all of the following criteria:
•The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
•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 current loan-to-value (LTV) ratio must be greater than 80%.
•The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

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5avg.rating 29 votes.

4 Comments

  1. Because you have a second mortgage. Pay it off.

  2. First, I CAN tell you why you don’t qualify to refinance under HARP. HARP is a PRESS CONFERENCE. There NEVER was an actual program. Assuming Zillow is anywhere close to the TRUE market value of your home, you owe more than 150% of the value of your home. I I asked YOU to loan ME $ 154 secured by something worth $ $ 97.80? That is what you are asking the bank to do, with 3 extra zeros.

  3. First, by law they have to tell you why you don’t qualify.
    Second, it may be better to wait until June 1, because of the new law that will take effect then.
    Third, if you try again and you get another response like “we can’t tell you why” then contact MHA Compliance in Arlington, Virginia… they’re the gov. watchdog over Wells Fargo, BofA, Chase, Ocwen, etc.
    Note, sometimes, it’s because of the investor(s) specifically related to your loan, not the bank itself, but either way, the bank or loan servicer (many times this is a bank) is required to tell you why and put it in writing.

  4. I can understand you frustration. I assume that you have checked your general eligibility for the HARP refinance. If not, then check the Bills.com page, http://www.bills.com/harp-mortgage/ . There are instances whereby the borrower meets the general requirements, but due to technicalities, the loan is barred from the HARP program.
    I suggest that you follow these steps:
    1.Ask you lender to provide the exact reason for being disqualified. Some lenders are setting stricter guidelines than the Fannie Mae and high LTVs and Mortgage Insurance seem to be two problem areas.
    2.Shop around with other lenders. The Fannie Mae automated underwriting system will be up and running around March 19th.
    3.If you cannot get a satisfactory answer from your lender, then contact Fannie Mae. Here is contact information taken from their Web site. ” If you have questions about the Making Home Affordable program that your servicer cannot answer or need further counseling, you can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) or via a TTY at 1-877-304-9709. The Hotline can help with questions about the Making Home Affordable program and offers free HUD-certified counseling services in English, Spanish, and other languages.”

    You are correct, the HARP loan is the one good alternative to stay current on the loans and get a better rate and/or better monthly payment. Even if you stop paying, there is no guarantee that you will be able to do a loan modification.