HARP for an -accidental landlord- situation

I think your confusing 2 different programs.. Under loan modifications, if the payment is more than 31%, then they are supposed to modify the loan to bring it down to 31%.. Loan modifications are for struggling home owners, but my experience is that loan mod's rarely ever work out, and it doesn't sound like something you would qualify for anyway.. HARP 2.0 is the refinance program where the Loan to Value is not an issue.. This program is open to investor owned properties. Your loan will have to be owned by Fannie/Freddie and have been initiated prior to May 31, 2009. Under this program you can refinance at today's lower interest rates. 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

This might still be possible. The key is to see if we can get an online approval for you. Call me at (425) 818-22512 and we can see if it makes sense for you. Thanks!Paul

I wrote my # down wrong. It is (425) 818-2251. Thanks!

YES!!!! YOU can do investments, second homes as well as primary homes.. If you want , email me at yourloanpartnerforlife@live.com your address, and i will pull some comps to see how much underwater you are.. or you can phone me at 602-330-1598 I do most of the states for he harp program... My fees are $895 and your title fees , all rolled in.. no points ,and rates are in the low 4's.

Rental properties are definitely eligible for the HARP program ....do you know if the WA loan is eligible ?whats the present rate and balance ? what do you think the realistic market value of the home ?yes- Any lender will take into account both loan payments when qualifying Thanks and feel free to call or email with any questions / needs / comments Dave SkowEagle Home Mortgage5808 Lake Washington Blvd NE #101 Kirkland WA 98033WA MLO #278613w 206 714 9745 fax (877) 412 2557dskow@eaglehomemortgage.comwww.eaglehomemortgage.com/daveskow

HARP 2.0 does not care that the WA home is now a rental. HARP 2.0 also does not have an arbitrary DTI ratio requirement. I have recently done HARP 2.0 loans with DTI ratios as high as 57.2%. To find out if you meet the qualifications for a refinance under HARP 2.0, you need to work with a Lender licensed to do business in WA. My advice is to contact a local (to the property) 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. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is 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. 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

Hi,Thanks for asking about HARP for investment properties.Would you please provide the address so I can confirm the property is HARP eligible?How long has the home been rented? If it's been2 years or longer then we can count your rental income to qualify, if not then we can't use the rental income. I'm happy to run numbers for you through email.Hope this helps,EileenEileen HebertSenior Real Estate Loan Officerehebert@bankofthepacific.com

Did you get your questions answered? I wanted to follow up. Thanks!Paul