HARP2.0 - open access, recourse loan

I don't think the word "recourse" in B24 relates to whether the loan has recourse or not... since half the county has recourse loans and the other half has non-recourse loans, and Freddie / Fannie buy both..... Section B24 relates to certain loan products that had recourse, indemnification or other enhancements.. Some loans were originally funded and carried by a portfolio, and was not sold initially to Freddie.. Later..Maybe months or years, those loans are pooled together and one policy for the entire portfolio was issued.. this type of Pooled loans are ineligible for HARP, since you cannot pull one loan out of this pool and reinsure it for the new lender... My Community loans were Fannie loans issued at 100% LTV and no mortgage insurance.. These loans are also ineligible.. and most "Stated" loan products also are ineligible for HARP... If you want to know exactly if there are any enhancements, then call Freddie on Monday, they will tell you if your loan will qualify... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Have a local lender help you out in this matter. Good Luck!

http://www.teamperotti.com/Blog/Recourse-Loans-vs-Non-Recourse-Loan here is a good article to totally understand what recourse loans mean... linda and who is your lender? that can make a real big difference ...

Please call me to see what would be the best course!!!!949.229.1516

Stephf.. my email is yourloanpartnerforlife@live.com my phone is 602-330-1598 i have a place to send harps that do not have all of the bank overlays...

I do not think you would be required to stay with Citibank, and you are correct in thinking there rates are higher than you could receive elsewhere. I would recommend John Robinson who works with Bank of England and specializes in HARP refinances. His phone number is 888-407-1592. He has 15 years experience and is very friendly. Best of Luck in resolving your Citi issues!

To start with, there are significantly fewer lenders doing Freddie HARP 2 (H2) loans than those doing Fannie, so your options are somewhat limited. I don't believe because you did a consolidated refinance transaction in May of 2008 that you cannot qualify for a H2 loan. You're not alone in the "being jerked around" category. Almost all of my clients who came to me from failed attempts to get H2 loans, experienced the same situation with the lenders they worked with. Quite frankly, most lenders are definitely not up to speed on this amazing loan program. Why, I can't possibly understand. On the positive side, we are. I have completed many H2 loans for my clients saving them $400 to $1,000 monthly, and they are all very happy campers! What was the original loan amount of your current loan, what do you think your home's FMV is, and what is your current interest rate and monthly payment? Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. Regardless of what you have been quoted, I'm quite certain I can structure a better H2 loan for you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.