Chase pressured us into Harp 2.0 but Wells Fargo had better offer
Jut prior to Harp 2.0 our lender was Chase (30 yr fixed, 6.25%), we initiated a refi with Wells Fargo. Appraisal came back lower. Harp 2 came out, Wells Fargo began application under Harp 2 (Wells Fargo was offering 7 yr fixed rate 3.75%). It was determined Chase never updated the Fanny May system with our physical address (from a lot # during original construction). Wells requested change but Chase didn't cooperate and appraisal & application expired. Chase pressured us to take their offer of 5%, 30 yr fixed (under Harp 2, which was not initially disclosed as being that) threatening that we would likely be stuck with the higher rate if we chose to apply for a lower rate other than their 5% offer because most people don't get approved and then since everything would then be disclosed we would have missed the lower rate opportunity and be stuck at our current higher rate.So we succumbed to their pressure which was a mistake. Is there anything we can do now? Thank you! by jokabo_368_597 from Elkton, Maryland. Sep 6th 2012
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
You can't undo what was already done but you can refinance through tradittional means if you are not underwater on the loan anymore, which I'm guessing is the reason you refinanced under HARP 2. If you are still underwater though then you're stuck.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
It is exactly for this reason that I always advise consumers to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Unfortunately you are stuck until you have enough equity to qualify for a traditional mortgage. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Unfortunately you can not do anything about that refinance.
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