Refi with HARP immediately after Chapter 13 Bankruptcy Discharge

HARP does not lend... they issue guidelines to be able to securitize mortgages once they are complete.. The lenders who lend will usually have their own set of rules above and beyond what HARP or Fannie Mae/Freddie Mac require.. Although FNMA says 2 years, HARP rules change to no waiting period, you still need a bank that will allow it.. And we don't have one lender out of 50 that we deal with that will... so maybe in the future.. But not now.. 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

I don't believe you can do a HARP refinance for 2 years after the Discharge. However, with that scenario you might be able to switch to a FHA loan which would have "pmi" but the rate would be low enough that you should see significant savings in your monthly payment. The appraisal would need to be high enough so that the new base loan amount would not be more than 96.5% of the value. Especially having just come out of Ch 13 having reserves, minimum 2 months of the payment in the bank, would be a huge help. If you like I can work with you .

KImbra..I would be happy to look into this further for you. Please contact me driectly so that I can get some more details from you.Joe CafieroGuaranteed Rateemail: joe.cafiero@guaranteedrate.comcell:914 456-0677NMLS# 65146

I haven't seen anything firm yet that the waiting period after bankruptcy was being waived. IF that is possible, realistically it is most like that the current servicer on the loan (where you make your payments) is most likely to be flexible if allowed - especially if you should have been granted a refi previously. However, unless the rules are actually relaxed about bk's no lender will be able to help you. If not, perhaps values will start increasing in your area over the coming months and FHA will be an option for you - that would likely save you well over $200/mo in payment. Good luck.

your best option will be HARP if a lender will work with you. If not, would do everything I could to help make the FHA option work for you.

there is a possible other way for you to do your loan .. please email me at yourloanpartnerforlife@live.com linda

I know you found those HARP changes published but the reality is that HARP is just a government program and they do not lend money, only lenders lend money, and each lender has the aforementioned "overlays" that they will use as their own guidelines. It is definitely a confusing issue for you as the consumer I know but the best advice you will get is to go to a local mortgage broker, not the big banks, and get advice specific to your situation.

At the top of the page click the "Find a Lender" tab and see who comes up in your area then start calling. Avoid the large banks like BOA and stick with smaller local mortgage professionals. Any bank you call will not be mortgage brokers, they are just application processors at the bank.

Typically a broker takes your application and will shop it to or place it with other companies that will actually underwrite and approve the loan. A correspondent lender approves the loan directly themselves and then transfers the loan to an investor (typically a larger bank like Wells or Chase, but also some smaller companies too). You can ask when you call if they are a broker or a direct lender, the process is generally very much the same - just a different business model.

maybe you can pay down your mortgage a bit.