by Agnes
(Kansas City, Missouri USA)
Ask Kate about Making Home Affordable Refi and Subprime Mortgage Loans: Dear Kate, I thought Making Home Affordable Refi programs (HARP and HAMP) were to help people.
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Agnes continues... I've been attempting to do a HARP refinance with my current servicer. I've really gotten a big run around for the last 3 months and then, just this week, I was told that I could not qualify for a Making Home Affordable refi (HARP) because my current loan is an EA-II, subprime loan.
I've read over Fannie Mae's guidelines (yes, almost all 1200 pages), and it seems that EA-II loans and some subprime mortgages can do a HARP.
I thought the HARP and HAMP programs were to help people. I've never missed a mortgage payment (or paid a late fee) in the last 17 years. However, both my husband and I are now disabled and the 7.625 percent current mortgage is killing us.
Our credit scores are 663 and 707, respectively. We cannot afford upfront fees (appraisals, etc.) due to our very tight budget.
Can you clarify if EA-II's and subprime mortgage loans are eligible for HARP? Any other thoughts?
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