Question regarding HARP refinancing

Asked by Abigail Bussard, Oak Park, IL Sun Feb 24, 2013

I own a condo that I have currently been renting out for a year. I bought a new house and am using that one as an "investment" property, since I can't sell it for anywhere near what I owe.

I have never been late with any payments and qualify for refinancing under the new HARP guidelines. Recently, I received a notice from "Ocwen" who I make the mortgage payments to - that I qualify to refinance the outstanding mortgage at "no cost" if I use their partner "Greenlight loans". This letter came from my current mortgage company.

I called Greenlight loans, and they advised that they are just 2nd parties that work with Ocwen to help homeowners save money using the HARP program. I specifically asked if there were any closing costs - he said "no they are covered by Freddie Mac". I asked if that meant there are, but that I could "roll them into the loan" thereby increasing the principal. He said, "no there are no closing costs of any kind".

Is this possible?

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Nicholas S N…, , Rockford, IL
Sat Jan 4, 2014
Good Morning Ally,

As Larry mentioned there have been numerous changes to the HARP program since it was first introduced. You are best to sit down with a mortgage professional and see what HARP program you may qualify for. As far as doing the HARP at no closing costs, my experience has been that when they are offering no closing costs, they may be rolling the costs into the loan.

If you would like to discuss your situation further, please contact me by calling 815-289-0880 or emailing me at

Good Luck,

Nick Nelson (NMLS#384413)
Mortgage Lender
Community Bank of Rockford
2470 Eastrock Dr.
Rockford, IL. 61108
815-289-0880 - Phone
0 votes
Larry Bernst…, , Oak Brook, IL
Thu Jan 2, 2014
I am a mortgage professional with Carrington Mortgage. I have 10+ years of experience within the residential mortgage industyr and am very familiar with HARP. HARP has been through a lot of changes since its introduction in 2008/2009 and there are variables that may impact your eligibility and whether or not you would benefit in refinancing through HARP. I would be happy to discuss this with you in detail. Please contact me at (847) 815-8229 or contact me by email at Thank you.
0 votes
Layla El Said, Other Pro, Schaumburg, IL
Sun Feb 24, 2013
If you are interested, we have agents who are familiar with your situation and can offer you suggestions and answer your questions. Let me know if you are interested, then I can connect you with one of our agents.
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0 votes
Hi Layla,

Thanks, I don't need a real estate agent. I need a mortgage professional. My question is simply - is it ever possible to refinance truly "for free" without closing costs of any kind (out of pocket or "rolled" into the loan). One would think that the the interest earned over the life of a loan would be enough reason for these lenders to refinance you. My assumption is that "closing costs" of 3-5K are a clever way of a loan originator making some money.
Flag Mon Feb 25, 2013
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