The news has been reported that you must close escrow before 06/01/2009, and that simply is not true. The loan must be sold and transferred to either of these two entities before 06/01/2009 in order for any borrower to qualify for Making Home Affordable Refinance Program.
We are all sitting patiently to see what the new guidelines are in March for the HARP 2.0. Hopefully, the guidelines are useful enough that we will be able to help our borrowers.
What Jeff and Robert said are correct on how we normally treat and advise our client in regards to foreclosures.
You must wait for at least 3 years from the date that your lender reported your last foreclosure to the credit bureaus before you can apply for FHA loan.
We also don't even know if our homeowner's loan is HARP eligible....
Though we've 'heard' that HARP 2 will have some relaxed guides regarding distressed sales on other properties, nothing can be confirmed until March 19th, and I don't expect a recent foreclosure to be ignored in this process...
FHA won't work since you'll 3 yrs since your last foreclosure, and you'll also incur mortgage insurance with any FHA loan, which would probably offset the benefit of refinancing..
Re credit repair, unless the foreclosures don't belong to you, you simply have to wait it out....there are plenty of credit repair companies claiming they can get anything removed, which they might be able to do....but what they CAN'T do is permanently remove this information from your credit history!
Let me know if I can be of further assistance!
best, Jeff Marr
Here is zillow's harp eligibility calculator:
Here are the official FNMA and Freddie Mac guides for HARP2 for further clarification:
Here are the loan lookup tools for checking whether your loan is owned by FNMA or Freddie :
Here are the phone nos of the respective Banks that are participating in HARP 2.0 (from zillow):
Bank of America: 1-800-846-2222
Wells Fargo: 1-877-937-9357
Chase: 1-800-848-9136 for current accounts but 1-800-873-6577, for new refinance or purchase
Citi: For servicing your existing CitiMortgage account: 1-800-283-7918 or For a New Mortgage or Refinance: 1-800-248-4638
US Bank: 1-866-932-0462
I have a client who had 2 shortsales and has been delinquent on these other mortgages for 1 year, yet he is in the process of doing a HARP 2.0 refinance at 4.5% int rate with Citimortgage. He is current on the property he is refinancing. You might want to give your bank a call to verify eligibility for a harp 2.0 refinance.
-FHA 3 yrs
-conventional 7 years
So the earliest you could refinance would be 3 yrs after the deed transfered out of your name for the last property that foreclosed. If that last property foreclosed in 2011, you would be looking at 2014 before you could do a FHA refinance.