HARP 2.0 the Joke

[anchorman]

Well, I've been sitting idol for over a year and decided to pull the trigger on a Mortgage refinance through HARP 2.0. I have 765 FICO, Make $235,000/year, Debt to income is around 30%, and I was denied by Fannie Mae because the property would not get a waiver for value assessment. Denied! What is the point of such a program if the property is determining credit worthiness of the person in it. Talking about discouragement on your property when the institutions are basically saying it's crap.

 

I wish I would get an answer on "WHY".

 

I paind $399,900, I owe $372,000, and the county assessment on for tax purposes is was $305,000....not sure what Fannie Mae uses for value determination, but Willow says $265,000 which is just unbelievable.....cannot be that low.

[jop3]

When the loan officer runs the automated underwriting system, it will give them the value it wants to issue the property inspection waiver. Did he tell you what that value was? Or why you couldn't be approved? No waiver doesn't mean you can't do a loan. You just need an appraisal. Did he tell you why that wasn't an option? Maybe it would be with another lender?

[jst300z]

Pardon me if it sounds crass buy you make $235,000 a YEAR and you need help from the HARP program for a $370k loan?

 

Does not compute. Wish I made $20k a month. Good for you sir.

[hegemony]

Pardon me if it sounds crass buy you make $235,000 a YEAR and you need help from the HARP program for a $370k loan?

 

Does not compute. Wish I made $20k a month. Good for you sir.

 

what?

[breeze]

Pardon me if it sounds crass buy you make $235,000 a YEAR and you need help from the HARP program for a $370k loan?

 

Does not compute. Wish I made $20k a month. Good for you sir.

 

 

Did you read his post at all? What would you do if your house was that far under water? Now, maybe you don't agree with the program, but you will be better off working for policies you want, rather than attacking and criticizing individuals.

[ficowoes]

Pardon me if it sounds crass buy you make $235,000 a YEAR and you need help from the HARP program for a $370k loan?

 

Does not compute. Wish I made $20k a month. Good for you sir.

 

 

Did you read his post at all? What would you do if your house was that far under water? Now, maybe you don't agree with the program, but you will be better off working for policies you want, rather than attacking and criticizing individuals.

 

agreed. this guy sounds like he is another poor victim of the housing market crash that made his home value plummet faster than a fico score after bankruptcy.................

 

doesnt matter what his income is, he is incredibly upside down on that house, nearly 100K. i feel for him.....20k a month or not.

Edited July 2, 2012 by ficowoes

[breeze]

I think that was a knee jerk reaction. I know a lot of people who bought houses as investments. It was always the one thing you could count on. It will be again, but at the rate we're going it won't be any time soon.

[jst300z]

Let's review the op's info in the first and only post in this thread:

 

I paind $399,900, I owe $372,000, and the county assessment on for tax purposes is was $305,000....not sure what Fannie Mae uses for value determination, but Willow says $265,000

 

and from ficowoes:

 

doesnt matter what his income is, he is incredibly upside down on that house, nearly 100K. i feel for him.....20k a month or not.

 

Assessed values do not represent PRESENT values. Depending on where the op lives, this value could be years old. For fun check your own assessed value in 90 day increments. 3 months, 6 months, 9 months....the value will be the EXACT same as it was on July 1st 2012. If you feel that your assessed value is today's value or a future value of your home, then your are misinformed. If you rely on internet values, such as 'Willow', then you are terribly misinformed and subject to undo stress. You can rest easy knowing you have NOT lost 100k in value as the data you are relying on is inaccurate.

 

Additionally, the limited info in the op's first and only post suggests that this is the ONLY house they own. At $20k a month, the mortgage payment on a $400k loan (with a 30% DTI ratio) would be peanuts. We can only assume this is one of multiple properties (which are possibly investments) and this is one in the portfolio that is causing issues.

 

Without full disclosure of the op's situation (which could be too personal to show on an open forum), we can only assume by the facts stated in post #1.

[hegemony]

Let's review the op's info in the first and only post in this thread:

 

I paind $399,900, I owe $372,000, and the county assessment on for tax purposes is was $305,000....not sure what Fannie Mae uses for value determination, but Willow says $265,000

 

and from ficowoes:

 

doesnt matter what his income is, he is incredibly upside down on that house, nearly 100K. i feel for him.....20k a month or not.

 

Assessed values do not represent PRESENT values. Depending on where the op lives, this value could be years old. For fun check your own assessed value in 90 day increments. 3 months, 6 months, 9 months....the value will be the EXACT same as it was on July 1st 2012. If you feel that your assessed value is today's value or a future value of your home, then your are misinformed. If you rely on internet values, such as 'Willow', then you are terribly misinformed and subject to undo stress. You can rest easy knowing you have NOT lost 100k in value as the data you are relying on is inaccurate.

 

Additionally, the limited info in the op's first and only post suggests that this is the ONLY house they own. At $20k a month, the mortgage payment on a $400k loan (with a 30% DTI ratio) would be peanuts. We can only assume this is one of multiple properties (which are possibly investments) and this is one in the portfolio that is causing issues.

 

Without full disclosure of the op's situation (which could be too personal to show on an open forum), we can only assume by the facts stated in post #1.

 

frankly, without more information from the OP you seem to be jumping to conclusions. 20K a month sounds like a lot but net it is probably a lot less owing to tax liabilities. Moreover, unless there is an income cap for HARP (and I don't know anything about the program so I am pleading ignorance here) there is no reason for someone with high income, but underwater to NOT apply for relief. I agree that assessed value is not a good guideline but it still sounds like the OP has some paper losses for which such programs were designed to address.

Edited July 3, 2012 by hegemony