HARP LOANS

[Ryan M.]

I've been doing some research on harp loans but would like to hear from someone that has succesfully refid a loan lately. The rules have changed from the begining and a lot of the restrictions have been taken off, is what I'm hearing anyway.

Back in '04, '05 I ended up with some mortgages that I haven't been approved to refi. After seeing how prices reset and watching a lot of major players around here end up bankrupt we switched to cash. Anyway, I would like to refi these other loans. They are all 30 year with rates from 5.75 to 6.38%

Thanks.

[Kyle J.]

Ryan M. I did one earlier this year through the HARP 2.0 program. Yes, some of the previous restrictions have been removed. And no, being upside down is not required. (I wasn't.)

The loan I did this on was held by Chase, and I refinanced through them as well.

Here's the basic eligibility requirements:

- Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.

- You must be current on the mortgage and have no late payments in the last six months. A late payment is defined as one that's more than 30 days overdue.

- You must not have more than one late payment in the past 12 months.

- This must be your first refinance through HARP. If you have refinanced under an earlier version of HARP, then you do not qualify.

How to check if Fannie Mae has your loan:
http://www.fanniemae.com/loanlookup/

How to check if Freddie Mac has your loan:
https://ww3.freddiemac.com/corporate/