Making Home Affordable Refinance

by Ian
(Quincy, Massachusetts USA)

Ask Kate about Making Home Affordable Refinance Lenders: Hi Kate, I need help to refinance my home. My mortgage was with a major lender who was shut down for shady business practices.

Ian continues... My Freddie Mac backed mortgage was then dumped on a company who is merely a servicer and does not originate loans. They informed me that they could not refinance, nor help me refinance.

I have tried getting a hold of multiple mortgage companies, but all of them have told me that they only refinance the HARP mortgages they already service.

Is there any company out there that can help me refinance? Please help.

-Confused in Quincy, Massachusetts

Kate Answers: Making Home Affordable Refinance

Ask Kate at
Dear Ian,

For the benefit of those unfamiliar with the Making Home Affordable Refinance Program, it gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.

But as you are experiencing, many lenders who originated Fannie Mae and Freddie Mac mortgages have gone belly up. So even though homeowners are allowed to shop their HARP refis, finding a lender to originate a Making Home Affordable Refinance for a mortgage they don't service can be a daunting task.

Using A HAMP Tip For HARP

With HAMP (the Home Affordable Modification division), lenders are required to participate. So the government advises if the lender refuses to talk with a homeowner, they should ask for a supervisor.

You might try this too even though the lenders are not under the same obligation with HARP.

How To Find Lenders And Compare Mortgage Rates

If you don't get anywhere with that tip, I'd approach finding a lender just like you would with any other refinance. I have prepared a six step method for doing this online found at Compare Mortgage Rates And Find Lenders In Six Steps.

Of course the steps can also be used in conjunction with the telephone, yellow pages and better yet, referrals from satisfied customers who are your friends or relatives.

More HARP Questions And Answers

Check out these other letters from homeowners who had similar Loan Modification and Making Home Affordable Refinance questions.

Best Wishes,

Ask Kate

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