Posted on: 13th Jan, 2014 12:45 am
My home is not owned by Fannie Mae or Freddie Mac but I owe more than what the home is worth. The interest rate is 9%. I want to reduce this interest payment. Will I be able to go for the options of HAMP or HARP?
Hi Guest,
As the loan is not owned by Fannie Mae or Freddie Mac, it may not be possible for you to get a HARP or HAMP options. You will have to contact your lender and try to look out for other loan options.
Thanks,
Jerry
As the loan is not owned by Fannie Mae or Freddie Mac, it may not be possible for you to get a HARP or HAMP options. You will have to contact your lender and try to look out for other loan options.
Thanks,
Jerry
Hi Guest!
Welcome to the forums!
I agree with what Jerry has said. It will be better to get in touch with the lender and look out for other loan options.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what Jerry has said. It will be better to get in touch with the lender and look out for other loan options.
Feel free to ask if you've further queries.
Sussane
No servicer of a mortgage is "required" to participate in HAMP or HARP programs.
Any and all servicers of mortgages are allowed and encouraged to participate in HAMP and HARP programs.
Servicers of mortgages owned by Fannie Mae or Freddie Mac are not "Required" to participate, but, a majority do.
Servicers of mortgages not owned by Fannie Mae or Fred-
die Mac are allowed to participate in HAMP and HARP type programs, but, few if any do. I do not know of any that do.
You would have to ask the servicer of your loan (the servicer is where you send the mortgage payment)
There are also "short" refinance programs where you refinance with another lender and the servicer agrees to "forgive" the amount of the mortgage balance that is above the amount the new lender will refinance. Again, not likely, but the program does exist.
All you can do is ask the existing sevicer of your loan.
Any and all servicers of mortgages are allowed and encouraged to participate in HAMP and HARP programs.
Servicers of mortgages owned by Fannie Mae or Freddie Mac are not "Required" to participate, but, a majority do.
Servicers of mortgages not owned by Fannie Mae or Fred-
die Mac are allowed to participate in HAMP and HARP type programs, but, few if any do. I do not know of any that do.
You would have to ask the servicer of your loan (the servicer is where you send the mortgage payment)
There are also "short" refinance programs where you refinance with another lender and the servicer agrees to "forgive" the amount of the mortgage balance that is above the amount the new lender will refinance. Again, not likely, but the program does exist.
All you can do is ask the existing sevicer of your loan.
