Alternative Refi option to HARP?

FHA, VA, USDA and conventional all have refinance options where an appraisal is not required.. if you loan is not one of these types, then you will have to wait until you have sufficient equity to satisfy the lenders loan to value requirements, before refinancing.. There was talk of an updated HARP 3.0, but it's stalled in congress and has never developed.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If your loan did not fit in any of the categories William Acres mentions, I suggestyou see if a loan modification is possible. A nightmare to try and qualify for in the past for many borrowers...I understand with a number of lenders the appliction process has gotten smoother. You need to record any converations if you can orat least write everything said and the date. For everything you mail, email or fax per their request keep a written record. Keeping careful track of everything will help in the process. Even if you think you might make too much to seem like a hardship, some lenders can remodify your rate all the same...but should investors that make it difficult really own the NOTE other than the bank that services your loan, it can be problematical. I know of people who got their loan successfully modified without hurting their credit.

Hi Ian, unless a HARP 3.0 comes out, there isn't much to be offered. You need to qualify for an internal loan modification when working directly with your lender and if their calculations show your current mortgage as "affordable", they will not approve your request. It is worth checking in with your lender directly to see how they may be able to help you out. Good Luck!