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Questions About Harp Program

When do you Qualify for the HARP Program?

Industry Expert answers:

In order to qualify for the HARP program, your mortgage must either be owned or guaranteed by Fannie Mae or Freddie Mac. Additionally, you must meet the following criteria:

You don’t have an VA, FHA, or USDA loan
Last year, you were never more than 30 days late for your mortgage payment.
You are current on your mortgage payments
Your mortgage is for a larger amount than the value of your home right now.

The outstanding amount of your mortgage is not greater than 125% of the current value of your house.
You can prove that you are able to pay for the new payments for your refinance mortgage.

Does 2nd mortgage interfere with refi of 1st mortgage through HARP program?

I have an ARM on my 1st and want to refi into a fixed through HARP program. I know they will refi up to 125% of home appraisal, but my question is does the 2nd mortgage on the home interfere with this at all??? (current 1st is $382,000. current 2nd is $82,000. home value is ~$305,000)
So it sounds like I am “screwed”, I looked into loan modification but we make too much, other than walking away and ruining our credit does anyone know of another option or program?? (Paying off the 2nd is not a viable option)

Industry Expert answers:

Yes, you will have to either refi and pay off both the 1st and 2nd mortgages or they won’t do it. Quite frankly trying to refi with those numbers seems hopeless, maybe you could get a loan modification or something instead.

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