HARP 2.0 Open Access/Freddie Mac

[tom_zinn]

I'm new to the forum. I own a a primary residence in Las Vegas. My LTV is probably 200% (239K mortagage, 120K value). My loan is backed (not sure if that is the correct terminology) by Feddie Mac. My servicer is Provident Funding who does participate in HARP and basically just blew me off when I discussed a refinance. My only recourse is another lender through HARP 2.0 Open Access. Both Wells Fargo Home Mortgage (WFHM) and Amerisave have told me that they are only doing a HARP 2.0 Fannie Mae Open Access. WFHM specificaly told me "Freddie Mac is working on rolling out their guidelines, they are just a little slower than Fannie Mae in getting it done." and "the date of release for Freddie Mac non WFHM Customers is tentatively slated for after the summer to open to customers who are in your situation.".
I've spent so much time researching HARP 2.0 Open Access/Freddie Mac and it's frustrating that I can't seem to get any definitive answers. Has anyone had any success or can they shed any light on this issue? I'm tempted to just walk away but cannot do this because of a job-related/security clearance issue. With HARPHARPHAHARP

[Cat Damiano]

Hi tom_zinn,


Welcome to the forum and thank you for joining............

Try contacting Erik, he has been helping members of LoanSafe with their questions with HARP and may have an answer for you. He can be reached here;


Erik Sandstrom
Direct: (619)379-8999
erik.sandstrom@wjbradley.com

[siromega]

Hi Tom! My advice is to stay away from big banks and look for local and regional lenders.

I'm slowly going through the system. The issue I seem to have found is that in order to get approved, you need to have assets equivalent to the amount you're underwater[1], which means it wont really help as many people as the government would like it to. To expect people to have between 50K-200K in assets is really crazy in this economy.


[1] I was rejected when I declared assets $10K less than my underwater amount, but approved when I declared $10K or more over.

[darag]

I've spoken with an independent broker and she told me the same thing - most banks have started with Fannie Mae and will be working with Freddie Mac shortly. She thought within 60 days most of the banks participating will be ready to go with Freddie.

[tom_zinn]

Here's an update. I spoke with a broker who says he is now doing HARP 2 Open Access
One interesting thing he said was "too bad you don't have a Fannie, the rates are much lower". Does anyone know why Fannie is lower?