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Old 03-04-2013, 05:00 PM
 
69 posts, read 244,217 times
Reputation: 57

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I have a buddy who is about $75k-$100k upside-down on his home. He is seven years into a 30 year fixed rate mortgage at 7.875%. HARP is apparently not an option because his loan is owned by neither Frannie or Freddie.

The loan is with BOA. He has never missed a payment or been late and he is not asking for a principal reduction. He simply wants to refinance or have his rate modified to something more competitive with today rates. Unfortunately, he has had no luck with BOA. Because he has been making his payments diligently, BOA does not consider his loan distressed and refuses to consider modification.

Short of walking away (which he has little interest in doing), are there any programs or strategies my friend can pursue to restructure or refinance his loan?

The home is in west central coastal FL.

TIA.

Tipsy
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Old 03-04-2013, 05:28 PM
 
Location: Wake Forest, NC
835 posts, read 3,983,318 times
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Don't know of any other programs that could help. BOA will tell him to go late so they can open a modifcation conversation- this will hit his credit like any other late payment so unless he is ready to destroy his credit to possibly do a modofication don;t do it.
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Old 03-04-2013, 05:32 PM
 
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He may get a No-Appraisal Waiver, which is not necessarily a HARP loan. But it's Florida, so that's not likely.
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Old 03-05-2013, 08:00 AM
 
69 posts, read 244,217 times
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Wow...is it really that hopeless?

Tipsy
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Old 03-05-2013, 08:38 AM
 
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My loan was neither Fannie or Frddy because is it an FHA loan. I was able to do a streamline refi and go from 6.75% to 3.626% and keep my same grandfathered MIP rate of .55%. So maybe "your friends" loan is FHA?
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Old 03-05-2013, 09:34 AM
 
69 posts, read 244,217 times
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Quote:
Originally Posted by djacks View Post
My loan was neither Fannie or Frddy because is it an FHA loan. I was able to do a streamline refi and go from 6.75% to 3.626% and keep my same grandfathered MIP rate of .55%. So maybe "your friends" loan is FHA?
Were you upside-down?

What state do you live in?

Did you refi with your existing lender?

Thanks.

Tipsy
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Old 03-05-2013, 11:31 AM
 
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What is the property type? Loan type? Balance? Credit score? Value? Is he paying mortgage insurance now?
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Old 03-05-2013, 11:45 AM
 
69 posts, read 244,217 times
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Quote:
Originally Posted by Pfhtex View Post
What is the property type? Loan type? Balance? Credit score? Value? Is he paying mortgage insurance now?
This is not my home, so I don't know everything with certainity but it is a single family home, 30 year fixed rate, approximately $330K balance, good credit, value puts him somewhere $75k to $100k upside down and I don't believe he is paying PMI.

Tipsy
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Old 03-05-2013, 11:57 AM
 
3,803 posts, read 9,344,368 times
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I think the thing to do is to get with a lender, and give them enough information so that they can run an Automated Underwriter to see if the file gets the no-appraisal waiver. If that does not work, hang tight, there's a lot of talk about HARP 3, which will open us up to non-FNMA/Freddie loan refinances wherein this situation subsists.
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Old 03-05-2013, 02:39 PM
 
34 posts, read 67,630 times
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Quote:
Originally Posted by TipsyMcStagger View Post
Were you upside-down?
I don't know if I was upside down, but it didn't matter as there isn't an appraisal involved.
Quote:
Originally Posted by TipsyMcStagger View Post
What state do you live in?
I live in Michigan
Quote:
Originally Posted by TipsyMcStagger View Post
Did you refi with your existing lender?
No, but it was an option. I just got a better rate and less hassle going through another lender.
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