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Old 06-17-2012, 02:36 PM
 
Location: Bay Area
1,789 posts, read 2,906,472 times
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Quote:
Originally Posted by jenny1951 View Post
I read last week where Congress are considering a HARP 3.0 for loans that are NOT Fannie or Freddie, but it's anyone's guess what the outcome will be. They are also discussing how to lower closing costs to make more people eligible, but I am afraid to wait.
thanks for the info. yes, i probably should have started down the foreclosure road sooner. the longer i stay here the worse it gets. haven't been a renter in 20 years so this should be interesting. but the house is falling apart and i can't fix it. time to let it go. the job market is horrid where i am now. not that it's so great anywhere else!
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Old 06-18-2012, 07:56 AM
 
Location: Vermont
530 posts, read 1,336,906 times
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Quote:
Originally Posted by 5thgenSF View Post
thanks for the info. yes, i probably should have started down the foreclosure road sooner. the longer i stay here the worse it gets. haven't been a renter in 20 years so this should be interesting. but the house is falling apart and i can't fix it. time to let it go. the job market is horrid where i am now. not that it's so great anywhere else!
I rented most of my life, and when the day comes that I can sell this place, I am looking forward to renting again. The maintenance is difficult for me. Try and find a rental before the banks starts reporting you as delinquent!
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Old 06-18-2012, 10:55 PM
 
Location: Bay Area
1,789 posts, read 2,906,472 times
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Quote:
Originally Posted by jenny1951 View Post
I rented most of my life, and when the day comes that I can sell this place, I am looking forward to renting again. The maintenance is difficult for me. Try and find a rental before the banks starts reporting you as delinquent!
that part i'm not worried about. it isn't hard to rent at all with a foreclosure from what i've seen and heard. i need to stay here as long as i can. and renting with my pets will be darn near impossible.
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Old 06-19-2012, 06:42 AM
 
Location: Vermont
530 posts, read 1,336,906 times
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Quote:
Originally Posted by 5thgenSF View Post
that part i'm not worried about. it isn't hard to rent at all with a foreclosure from what i've seen and heard. i need to stay here as long as i can. and renting with my pets will be darn near impossible.
The pets are a MAJOR concern, especially if one or more is of the canine variety. I have a dog and three cats, and that was the only reason I was even considering a 55+ apartment complex (they allow one dog but only one cat). I see many landlords on this forum discussing renting to people with foreclosures, and my guess is that it depends on where you are living. Where I live, rentals are always difficult to find, even without pets, and very expensive, so landlords can afford to be choosy. Some places I have looked at online (I think Lexington, Kentucky was one) have lots of apartments below $700 that allow pets, have pools, first month free, etc. so those places might overlook a delinquency. A friend manages an apartment complex in LA, and he says they don't consider anyone with any delinquency, collection, etc. He is the one that encouraged me to bide my time as long as possible in the hopes of getting what I owe and avoiding a foreclosure.
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Old 06-22-2012, 03:02 PM
 
Location: Albuquerque
5,548 posts, read 16,026,668 times
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Quote:
Originally Posted by jenny1951 View Post
HAMP is very different, and can have some very negative consequences.
HARP just allows borrowers who are current on their loans to refinance even if they have no equity.
HAMP is a fairy tail modification. You have to default to get it and almost no one does.
Lots of people get put on "trial plans" and then get dumped.

HARP requires people who have figured out how to keep paying their mortgages
even thought they have experienced hardships. The OP is getting denied, but
they don't have a job. From what my loan broker said; you have to be employed.
I'm not 100% confident this is true though.
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Old 06-22-2012, 04:22 PM
 
5,339 posts, read 14,074,848 times
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Quote:
Originally Posted by mortimer View Post
HAMP is a fairy tail modification. You have to default to get it and almost no one does.
Lots of people get put on "trial plans" and then get dumped.

HARP requires people who have figured out how to keep paying their mortgages
even thought they have experienced hardships. The OP is getting denied, but
they don't have a job. From what my loan broker said; you have to be employed.
I'm not 100% confident this is true though.
HARP is for people that have lost equity, not for those with hardship. The OP receives social security. You don't need to be employed to do HARP.
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Old 06-23-2012, 12:52 PM
 
Location: Vermont
530 posts, read 1,336,906 times
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Yes I receive Social Security. The loan is is underwriting now so I just have to hope it all goes smoothly. HAMP does require you to be in default. I had originally applied to this program. The bank actually stopped my automatic payment when they received the HAMP paperwork, telling me they wouldn't process the application unless I stopped paying the mortgage. I didn't know how much equity I had lost at that point, so I figured I would continue to make payments, preserve my credit and wait a year, using savings to help me along. I never missed a laymen, nor was I late. The idiots at CCO Mortgage started reporting that I was paying under a "partial payment" agreement, even though the application never was processed. It took about six months to clear that up with the bank and the three God-like credit bureaus (Equifax was the hardest of all). Now I would have to bring about $15k to the table if I wanted to sell the house. I wouldn't even want to consider applying for any of the silly foreclosure alternatives, such as a short sale, after the nightmare I went through CCO. A refinance through HARP is my only hope, at this point.

A friend is going through the HAMP process now. She is six months into it and who knows what will happen. Paperwork gets lost, people don't return calls, and she is dealing directly with Fannie Mae.
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Old 06-23-2012, 02:11 PM
 
Location: Albuquerque
5,548 posts, read 16,026,668 times
Reputation: 2755
Quote:
Originally Posted by jenny1951 View Post
A friend is going through the HAMP process now.
She is six months into it and who knows what ...
Our HARP refinance took about two months.

I hope your friend doesn't lose their house.

There has to be a reason why the banks continue to botch HAMP modifications
and do a fair job on HARP refinances once they get underway. I tried for a HARP
for more than a year - getting told over and over by broker after broker and
bank rep after bank rep that I would never qualify.

I too, am semi-retired and earn diddly. I pay my mortgage with investments.
My piddly diddly job was enough the whole time. It just took a knowledgable broker to push it through.
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Old 06-23-2012, 03:46 PM
 
Location: Vermont
530 posts, read 1,336,906 times
Reputation: 530
Quote:
Originally Posted by mortimer View Post
Our HARP refinance took about two months.

I hope your friend doesn't lose their house.

There has to be a reason why the banks continue to botch HAMP modifications
and do a fair job on HARP refinances once they get underway. I tried for a HARP
for more than a year - getting told over and over by broker after broker and
bank rep after bank rep that I would never qualify.

I too, am semi-retired and earn diddly. I pay my mortgage with investments.
My piddly diddly job was enough the whole time. It just took a knowledgable broker to push it through.
My lender wouldn't even consider it, and the only other interested lender was Quicken Loans, which kept upping the closing costs and then added points halfway through the process. I guess I finally found the right broker as well. Now I have to wait through the underwriting process and hope the gods smile upon me.

My friend is very frustrated with the HAMP process. The worst part is making you default before considering you. Fannie Mae told me if I was at least 30 days late, then I could bypass the lender and go through them, as my friend is doing. Lucky for her, she is staying only 30 days late. I have heard horror stories of people making partial payments for months only to be denied at the end, then losing the house because of all the money that is owed. Certainly HAMP is not a process for the faint-hearted.
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Old 06-23-2012, 06:02 PM
 
5,544 posts, read 8,268,250 times
Reputation: 11141
Hang in there and bug your mortgage broker to keep on top of things

I did HARP 2 and am ever so glad. Once it got rolling it was done in a couple of months when they got their act together. They have to sort through fed regulation then bank regulations and such. but by now that should be sorted out and it is just underwriting to deal with (which seems a world unto itself).
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