See if your first mortgage is backed by Fannie Mae or Freddie Mac. HARP loans are be used on rental properties and actually price VERY WELL since they implemented a price cap.
If it is, you can probably refinance just the first mortgage and have the second mortgage company subordinate. Even if the loan doesn't how up on the Fannie Mae or Freddie Mac lookup tools online, call your lender. Those website tools don't always work. Especially for multi-family. Here are the links:
Fannie Maeâ€™s lookup tool:
Freddie Macâ€™s lookup tool:
If your property does not show up on either of the property lookup tools, you should still call Fannie Mae or Freddie Mac to see if they own your mortgage. Fannie Mae and Freddie Mac do not always have the exact address saved correctly. This is why itâ€™s important to call.
Fannie Maeâ€™s phone number:
1-800-732-6643 or 1-800-7-FANNIE
Freddie Macâ€™s phone number:
1-800-373-3343 or 1-800-Freddie
If you donâ€™t have luck there, contact your current servicer and see if they know if you have a Fannie Mae or Freddie Mac loan. Lastly, you can have the mortgage company youâ€™re applying a HARP loan from run an automated approval through Fannie Maeâ€™s Desktop Underwriter or Freddie Macâ€™s Loan Prospector software and it may indicate if the property qualifies for a HARP loan.