My wife and I are getting very frustrated. On the surface we are qualified for the new HARP 2.0. Loan with Fannie Mae prior to 2009, we have LPMI, but have been told the company we have will transfer the certificate, my wife and I are at the same jobs for over 15 years, make more money than when we bought the house in 2007, credit scores in the high 700's, no missed payments, etc. Everything looked good, mortgage broker tells me it wont go through the DU system. She is on hold for 45 minutes one day, with no answer from Fannie Mae. Day two, after one hour on hold, she is told we don't qualify due to "credit enhancement" on our original loan. Only options are to re-fi with our current servicer, problem is they are Seterus (who are awful) and they don't originate, so they wont/can't re-fi our loan, or have it manually underwritten. Problem with that is finding someone who will do it. From what I understand there is more risk involved for the broker/bank. Are we simply stuck? We are at a 30 year fixed rate of 6.77% with 25 years left to go. We could re-fi to a 20 year loan at current rates and still save about $200 a month!
Has anyone else who has been denied for this reason had it overturned? Is there a way?