Has anyone had luck refinancing with Residential Credit Solutions? Property is underwater can I refinance with other lender using HARP?

Asked by Christie Lawrence, San Diego, CA Wed Jun 6, 2012

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Robert Spinosa’s answer
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Wed Jun 6, 2012

In order to be eligible for HARP, there are a few things you should look for:

*Is the loan owned by Fannie Mae or Freddie Mac?
*Was the loan being refinanced originated prior to June 1, 2009?
*Is the loan-to-value in excess of 80%? (If it's underwater then it is by definition.)

If you're on track with these three and need more information, please let me know and I'm happy to assist.

Rob Spinosa
0 votes
Daniel Lehman, , San Diego County, CA
Wed Jun 6, 2012
OK.. I will give a more in depth answer... HARP was revised, and now you can go over 125%, and there is a likelihood that your appraisal will be waived. First step is to determine whether or not your loan is owned by Fannie/Freddie. If it is, the possibility exists that you can do the HARP program.

If you CAN income qualify, you dont want to go with your servicer. They can do the loan "streamline" which means no documentation, but their rates will be up in the high 4s. If you CAN income qualify it makes more sense to go with someone like me that can take you directly back to Fannie/Freddie and get you in the high 3%s.

I do about 15 HARP loans per month, along with my purchase business. Let me know if I can answer any questions for you... I dont care who you go through, I am here as a resource if you need me.

0 votes
David Inderm…, Agent, San Diego, CA
Wed Jun 6, 2012
Hi Christie,
Yes you can refinance your underwater home loan. I can provide you
several local lenders that can assist you.

Good Luck :)

David R. Indermill
Re/Max Associates
Re/Max Hall Of Fame
Cell: 858-414-5478
Email: david@sandiegohomestore.com
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Wed Jun 6, 2012

Any lender can refinance your underwater loan.

We would need to see if FNMA or Freddie Mac owns your loan.

You can check this out yourself by going to either's website.

.freddiemac.com/corporate for Freddie Mac or

These will tell you if you are eligible.

As a banker, we can go over the 105% LTV.
0 votes
Lluvia Marti…, Agent, Orange, CA
Wed Jun 6, 2012
Yes you can refinance, HARP goes up to 125% CLTV. Now, if you currently have an FHA loan then that will take you to a whole different (more convinient) Refinance transaction.
Do you recall if your loan was originated as an FHA?
0 votes
Daniel Lehman, , San Diego County, CA
Wed Jun 6, 2012
Try http://www.harp2012.com

They can check your eligibility, etc.
0 votes
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