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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