Hopefully I'll be able to get some direction from here because I've had nothing but issues trying to get my HARP refi pushed through.
Back in September I contacted aimloan to try to get a refi done on my condo. I was approved up to at least 115% of my LTV but my PMI company (MGIC) was limiting me to 105%, so I had an appraisal done. It's a small condo, I owed about $111,000 at that point and the appraisal came in at $100,000 even. Not wanting to spend $8000 (principle paydown plus fees) or so to refi I gave up.
Soon after I heard about the second phase of HARP coming through and saw that my PMI company was fully on board with the changes. So I thought, great I'll just wait until March 17 and I'll be saving myself some money. Well that date came and I'm worse off now than I was with the orginal HARP. I contacted aimloan/quicken/Prime lending (given to me by Erik) and all gave me pretty much the same result. My application was approved only up to 105% of my LTV (from Fannie, aimloan was able to run a 25 year and get 109.9% LTV) but now they wouldn't even start the refi because Fannie was requiring an appraisal.
ANY help with this would be greatly appreciated. I'm stuck in a mortgage at 6.625% and it seems like I'm well within Fannie's requirements to get this done. I'm beginning to get very frustated with this whole experiance.