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HARP keeps you waiting…
If you’ve been waiting, you’re not alone. All the news focuses on how successful the “Cash For Clunkers” program was… and neglects to mention the dismal performance of the Home Afforadability program. Bank of America (BoA) has apparently only served 4% of the eligible loans for the home affordability program. JPMorgan Chase apparently did the “best” by... [Read more]
Underwriters Are Mysterious
So I’m into the waiting game of wondering what the underwriters will counter-offer now… This process makes me think the loan officers are completely useless in the refinancing process. The loan officer can tell you almost anything, but in the end its the Underwriter who will dictate the terms…. (Perhaps it’s just more complicated for me because I have a HELOC in addition to... [Read more]
Freddie Mac Releases New Guidelines
Freddie Mac has introduced some new rules for refinancing under its Freddie Mac Relief Refinance Mortgage – Open Access. Unfortunately, it looks like the changes won’t take effect until September 1, 2009. But on the bright side, it looks like Freddie will let folks try to refinance with banks other than their current loan servicer — which should hopefully allow some competition... [Read more]
Citibank is now offering the Home Affordable Refinance Program for Fredding Mac loans
My loan officer just emailed me back to say that Citi has started processing Freddie Mac loans for refinancing under the Making Home Affordable program. And there’s at least one other commenter here that has confirmed the news. This is part of an email that I received from Citi: For example if we did a 5% rate..that would come with about 3.5 points, plus closing costs. Anything over 105%... [Read more]
Home Affordable Refinance Program — Contact Your Rep
The Making Home Affordable Program is supposed to help us out, right? I don’t see much action from my lender, so maybe it’s time to contact another representative? Like a US Senator or US Representative. The banks took TARP funds, so they should serve taxpayers better than this! All I get is the run-around from Citibank…. Read More →
