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Refinancing options for rejected Obama HARP Plan application?

We applied a few weeks ago for a refinance through President Obama’s new HARP plan. We were initially preapproved, but since then we were denied. We are current and always have been on payments. Our home has lost a lot of its value with the economy (we are in Michigan where it is really bad), but I thought this plan was supposed to help people with that problem. We currently have been in our home for 2 years. It appraises within $10,000 of what we owe, which I actually don’t think is so bad, but I called one company and they said it didn’t appraise out for a conventional remortgage. Our credit is excellent (nearly 800 credit score). We currently have a split mortgage to avoid PMI. The first loan is a 30 year fixed at 6.5% and the second (only about 10% of the total loan amount is this) is 9%. Does anyone have any suggestions as to what routes we could go to refinance or has anyone out there in a similar situation did loan modification? I am calling about that tomorrow, but was told when I first applied for the HARP plan that we didn’t qualify for that. I would really appreciate any help out there. Thanks!

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One Response to "Refinancing options for rejected Obama HARP Plan application?"

  1. Wee_Willie_Winkie says:
    You are not backwards enough or past due enough to qualify for HARP..

    Try with different banks to do a conventional re-fi….

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