Non Freddie Fannie help LTV too high
Any program for us yet?? We currently live in a house that has dropped property value by at least $100,000.00 purchased in 2005 for $350,000.00? The LTV loan to value ratio is high due to neighborhood comps HELOC (pool loan of $29,000.00)? Our current mortgage, a Conforming Fixed Interest Only 10/20 Loan, interest rate is 5.875% will increase $615.00 dollars in 2015 ? We do not have a financial hardship? We are current on our mortgage, never been late? We do not have a Freddie or Fannie backed loan? The investor is (BONY) Bank of New York as trustee for the CWALT, Inc. Country Wide Alternative Loan Trust? St. Johns County Public Records (our county we reside in) lists our mortgage with MERS (Mortgage Electronic Registration Systems) and notes correct servicer, B of A? Loan originated by Ever Bank in 2005? Then went to Country Wide Financial? B of A acquired the loan through a merger with Country Wide Financial by Jim & Liz Kinder from Ponte Vedra, Florida. Nov 16th 2012
Check with BOA to see if you are eligible for any relief under the settlement they reached with the Dept of Justice. Suit was brought by the States Attorney Generals and I know of a few people that have been able to get some sort of relief. Especially since it was a Country Wide loanto start with. Best of luck. It is worth a call.
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
Still nothing available HARP-wise for those with loans not owned by Fannie or Freddie. You can call BOA, your servicer, and see if they will offer you any kind of options but I wouldn't hold my breath on it. The current HARP program is good for another year so it will be about that long before they announce anything new, if they will at all.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There's nothing for you right now, and I'm not sure why anyone here would even suggest you call BofA.. Don't even waste a breath on calling them, you will get ZERO help... There are proposals for other refinance programs in the works.. One is HARP 3.0, and the other is called "Obama's Refinance Program"... no details yet as it's in its infant stage, but it's supposed to address non Freddie/Fannie loans and give them the ability to refinance through FHA.. Stay tuned.. 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
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Based on the information provided here, it would appear as if you do not have any options under the HARP (Home Affordable Refinance Program) as the underlying owner of your loan is not Fannie Mae or Freddie Mac. You only mention high loan-to-value, but not exactly what it is. I suggest you contact a local non-bank lender in Florida. Give them a full application, and let them see if there are any non-HARP options for you. in MN or WI, visit www.HARP-refinance-mn.com
Linda Burek (lburek)
#138 ranked lender in Florida - 25 contributions
Unfortunately there are no other programs out there I am aware of. I would suggest calling BOA and see if they can modify your mortgage to a lower rate. Good luck to you. Linda Burek, First Choice Mortgage, 4755 East Bay Drive, Clearwater, FL 33764
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Maybe Harp 3.0 stayed tuned as I will be blogging about it soon with an update
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