by Joe
(Massachusetts, USA)
HARP refinance made impossible: Dear Kate, I contacted my lender (Major Lender #1) who holds my first mortgage on April 8th about refinancing. I qualified for the HARP refinance program through Fannie Mae. I was approved May 1st. Because I have a 2nd mortgage with another lender (Major Lender #2), I need to get a letter of subordination.
The subordination was submitted May 29th by Major Lender #1. When I contacted Major Lender #2 to find out how long the process would take, I was originally told 15 to 20 days.
After a week I called to check on the status and was told due to a high backlog it could now take up to 75 calendar days. Major Lender #1 has been kind enough to extend my rate lock which was up June 15th but how long they will keep doing this is unclear.
My question is, How does Major Lender #2 expect anyone to close a loan if the typical lock period is 60 days and is there a statue of limitations of time. What can I do to move things along?
I am hearing a lot of people having the same problem. How does the new administration expect people to take advantage of these new programs if the banks are conducting business this way. Please Help!!!


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