McCrabby has been attempting to help his son get his home re-financed. McCrabby, Jr. bought his home about six years ago, so it's underwater -- he owes more than it's worth.
However, Jr wants to stay in his home, wants to pay it off, as he agreed to do when he bought it and he does not intend to "walk away" as so many have done in similar circumstances.
But, Jr wants to refinance his home, and get the 3+ per cent mortgage that others are getting, instead of the 5-6 rate he is now paying. He wants to save a couple hundred dollars a month.
So, when HARP II came out (apparently HARP I didn't work), it seemed perfect for Jr. HARP II is the "home affordable refinance program" from the ............. wait for it - Federal Government.
It was created to help "under water" home owners to refinance their homes without the concern for appraisals and other restrictions.
Keep in mind that Jr has a credit score close to 800, has never been late on a payment, has six years on a stable job (city police officer), good income, no dependents, and the desire to refinance his home for a short period (10-15 years).
He can't.
He's been to a half dozen banks and mortgage companies and has run into the following:
Come on guys. Where is my congressman? How ludicrous is this??
NOTE TO LENDING INSTITUTIONS: you have a strong-credit, good-paying, stable individual who wants to re-fi his home; why don't you want to?
Upon contacting the mortgage broker, where Jr originally mortgaged his home, six years ago, the following response came in this week. This is printed EXACTLY as it came, and may say it all:
If there is an ethical bank or mortgage person reading this, who can do mortgages in Michigan, please contact McCrabby and he'll direct you to a strong credit customer who makes his payments - he just wants a chance to move to the going rate. Thank you.
However, Jr wants to stay in his home, wants to pay it off, as he agreed to do when he bought it and he does not intend to "walk away" as so many have done in similar circumstances.
But, Jr wants to refinance his home, and get the 3+ per cent mortgage that others are getting, instead of the 5-6 rate he is now paying. He wants to save a couple hundred dollars a month.So, when HARP II came out (apparently HARP I didn't work), it seemed perfect for Jr. HARP II is the "home affordable refinance program" from the ............. wait for it - Federal Government.
It was created to help "under water" home owners to refinance their homes without the concern for appraisals and other restrictions.
Keep in mind that Jr has a credit score close to 800, has never been late on a payment, has six years on a stable job (city police officer), good income, no dependents, and the desire to refinance his home for a short period (10-15 years).
He can't.
He's been to a half dozen banks and mortgage companies and has run into the following:
- You're supposed to re-fi through your current mortgaging institution, but Jr's current mortgagor won't do mortgages in Michigan any more.
- If you can't re-fi through that institution, you can go to another.
- Jr has been to three that do Freddie Mac mortgages, but not Fannie Mae (why has our government created two duplicate, but differing agencies to do this?)
- He's been to several that don't understand HARP II or want to work with it.
- Apparently for HARP II to work, your home has to be on the "under water" list -- keep in mind that Jr's home is "under water" but his house is not on the list
- This means he cannot use HARP II, but can re-fi conventionally - but wait, his house is "under water" so he needs HARP II, but HARP II says his house is not "under water" so he must re-fi with conventional mortgage, but he can't because his house won't appraise for enough, but, but but...
Come on guys. Where is my congressman? How ludicrous is this??
NOTE TO LENDING INSTITUTIONS: you have a strong-credit, good-paying, stable individual who wants to re-fi his home; why don't you want to?
Upon contacting the mortgage broker, where Jr originally mortgaged his home, six years ago, the following response came in this week. This is printed EXACTLY as it came, and may say it all:
Morning Sir, The HARP II at this point hasn’t been that great most of the investors are only helping the clients they are currently servicing, and in the case of your son’s loan the servicer wants him to default since he has mortgage insurance on the loan they are made whole if he does so they have no incentive to help him, sad but true. His loan is a Fannie Mae loan, I can got up to 150% of the appraised amount if I get a Property Inspection Waiver which we didn’t on his loan. You have asked if I can help at this point I would have to say no, not to say that can’t change tomorrow, if something changes I will let you know.
Sincerely, NAME WITHHELD
If there is an ethical bank or mortgage person reading this, who can do mortgages in Michigan, please contact McCrabby and he'll direct you to a strong credit customer who makes his payments - he just wants a chance to move to the going rate. Thank you.
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You'd think this was a joke.. It's not |
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