Do all banks have to participate in HARP?

If you just modified your primary and the credit reports as such you not be eligible for HARP. You really need to sit down and speak with a broker to find out your options.

The fact that you just modified your primary residence should not have an effect on your investment property loan under HARP. Your problem may be that you have to wait for HARP 2.0 which rolls out next week for the investment property. Don't go directly to your loan servicer. Instead contact a local Mortgage Banker/Broker. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Lenders are not required to participate in HARP, but just because your lender isn't, doesn't mean on one else is... there are several lenders out there already accepting applications on the HARP 2.0 program. Contact a local mortgage broker, not a bank, and apply with them.. They will find you the right loan product for your particular scenario.. WilliamAcres.com

Definitely contact one or two of the Lender 411 brokers in your area. they will be able to ask you the right questions and give you sound advice on refinancing your investment property. At 6% it will be well worth your effort to get good solid information from a one on one professional conversation. Good luck to you... Linda

To provide a simple answer to your question, not all lenders are required to participate in the HARP program. As a lender or a broker we all sell the same product(s), the only exception to this is if you sell directly to Fannie Mae, Ginnie Mae, or Freddie Mac. If you are selling directly to these entities then you are servicing the loans or have a sub-serevicer doing it on your behalf. Many banker and most if not all brokers do not service loans rather they choose to sell loans to the larger banks who in turn service the loan and sell to fannie, freddie or Ginnie. The advantage to this process is you get better service levels while getting the same rate. However since mosts servicers (banks) are publically owned many choose not to undertake the more riskier loans so they can control the profits and sell more stock back to you as a consumer.