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Bank of America HARP Refi

Discussion in 'Bank of America Mortgage Help' started by MikeOD, Nov 9, 2010.

  1. MikeOD

    MikeOD LoanSafe Member

    Hi Everyone, Great site!!, first time posting here. We've met all the requirements for a HARP refi thru BOA, so I am wonding if anyone out there has any experience with HARP? We FedEx'd all the required paperwork to BOA about 3 weeks ago, and just called to check on the status. We ended up talking to a person from the HOPE team and they told us its being reviewed. To summerize, We are current on our loan but our payments jumped threw the roof due to an escrow that was setup up by BOA, since we didnt paid our property taxes in time. I also took a 20% paycut which doesnt help. Our current rate is 5.875% with a current mortage balance of $270,000, our home appriases for about the same, so loan to value = ZERO. I just want to roll the back taxes (about $6,500) into a new 30 year fixed and try to get a slightly lower rate (somewhere in the 4's). Are we asking the impossible? Thanks in advance!!!
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello mike and welcome to the community or should I say, mortgage club. Thanks for the nice words. Everyone around here does their best to help one another during these tough times.

    To be honest with you, I have yet to see a HARP refinance go through. In addition, more often than not, mortgage servicers are simply not honoring these types of programs. With that said, your chances of getting a refinance using this method are slim at best to none.

    Your best bet Mike is to attempt a loan modification and do not concern yourself with a gov't program particulars. More often than not it will this make you crazy trying to figure it out or to apply for a program that they're not even following. If it was me, I would just tell Bank of America that I would like to apply for a loan modification IN house and not go through the gov't program.

    Also, there is a 99.9% chance that you will not get a loan modification while you're current on your mortgage payments. You need understand this and your odds. You're already behind the eight ball with the tax payments and it looks like it is inevitable that sooner or later, you will be late on the mortgage.

    I hope this helps you understand the process and I wish you the best luck in your fight! Please let me know if you have any more questions.
  3. lisasxr

    lisasxr LoanSafe Member

    Your not asking the impossible, but I would shop around for your HARP refi. Ask friends, family, business associates for a reputable mortgage broker and get 3 quotes to compare (BoA, broker, and maybe a credit union)

    WFHM rates for today (not adjusting for credit, sub financing, etc) is 4.375 with no points or origination fees.

    I have successfully processed 2 HARP refinances this year.
  4. MikeOD

    MikeOD LoanSafe Member

    Thanks

    Thanks for the info guys, its just frustrating when your a long time customer and you have always made your payments on time, but when you need a little bit of help to save a few bucks, there is none to give. Its like they are forcing you to gamble and play the game of not paying your mortgage just to try and get somthing from them. I am going to look into other refi options (with other lenders), cause bank of america is beginning to leave a bad taste in my mouth. I still am going to keep my fingers crossed that BOA still might be able to do somthing for us, but I am not counting on it. Not giving up just yet! Thanks again for taking the time to respond!

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