HARP 2.0 Refi for 2 underwater investment properties and 1 primary in Georgia
Hello, I own 2 investment properties and 1 primary residence in Atlanta, GA. Back in August 2007, I lost another property which resulted in a foreclosure and charge off on my credit report. I have spoken to several lenders/brokers about if I would qualify for HARP 2.0 considering the foreclosure/charge off. I've read the HARP 2.0 guidelines online and from what I understand, prior foreclosures are permissable. However, everyone I've spoken to has stated otherwise. I've been told it's because these lenders have their own "overlays". It's frustrating b/c this is the only blemish on my credit report, I have a credit score well over 700, W2 employed, and none of my other properties have any lates. They were all purchased in 2005. Does anyone know of lenders/brokers out there who don't have additional requirements beyond what HARP 2.0 stipulates? by Adeboy from Atlanta, Georgia. Apr 26th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Ok.. so here's the scoop... under the HARP 2.0 you are correct that it does not state a foreclosure or short sale will disqualify you. it's the lenders and their overlays that prohibit your loan scenario.. but the good news is that not all lenders have this overlay... we have a few lenders here in AZ that state if the automated desktop underwriter approves your loan for insurance, then they will do the loan with no overlays.. and I'm sure somewhere in GA there's a lender with the same policy.... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
FIRST, the foreclosure, was it a FHA OR VA LOAN???? HAVE YOU recently refied any of the properties?? what size is your loans, and are you truely underwater??? This is what we all are finding out, people think that they are underwater , because of all of the news .. etc email me at yourloanpartnerforelife@live.com I am getting a lot of them thru...
Lawale Adewoyin (1stcrown)
#99 ranked lender in Texas - 6 contributions
Yes I can assist. Get in touch with me at 678-306-5944 x 701 or 404-201-8183 or email wale.adewoyin@1stcrown.com- Wale Adewoyin
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
also, here if my phone number linda 602-330-1598 my website is yourloanpartnerforlife.com
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
and, i use private money... and have the same rates as everyone else without the banks overlays
Briggs Cline (bcline_154_679)
#59 ranked lender in Georgia - 55 contributions
The file(s) need to be run through Fannie or Freddie's automated underwriting systems to determine the damage the prior foreclosure has created. Really need to look at LTV/CLTV, DTI, and assets to determine if refinances are viable. Happy to assist. Briggs Cline / Buckhead Home Loans / 404-303-7411 / www.buckheadhomeloans.com
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