Comments on: Financial Reform Bill & Consumers: Getting Wise About Financial Literacy

By: acearley

acearley — Tue, 27 Jul 2010 00:11:01 +0000

Thanks for your response, Eli! For those of you who don’t know, Eli Dror is part of LendingTree’s network of lenders. We have lots of knowledgeable and fantastic people like Eli in this network, so if you are in the market for a refinance or new loan you can also connect with them through our competitive loan process. If you fill out the corresponding form, we can connect you with multiple lenders who compete for your business with customized loan offers.

To purchase a home: http://www.lendingtree.com/jumppages/jumpto-purchasemortgage.asp?esourceid=4351280

Refinance: http://www.lendingtree.com/jumppages/jumpto-RefinanceMortgage.asp?esourceid=4351280

By: Eli Dror

Eli Dror — Mon, 26 Jul 2010 23:48:31 +0000

The Home Affordable Refinance is designed to assist a large number of borrowers who are current on their mortgage payments; however, not all borrowers or all loans will qualify for a Home Affordable Refinance. For example, borrowers may not qualify due to income or credit requirements, including the capacity to continue paying monthly mortgage payments at the new loan amount. In other instances, the loan itself may not meet the eligibility criteria for the program.

Further, in addition to Freddie Mac’s requirements for a Home Affordable Refinance, lenders participating in the program may have additional and differing requirements that you must meet in order to be eligible.

For example:
If you are underwater (Owe more than it is appraised) as stated the most we would be able to refinance is 105% of the amount owed. So, if you owe $105,000 and your appraisal comes in at $100,000 we (Any lender)would be able to help you as long as you do not have PMI (Private Mortgage Insurance)If you do have it, than only your current servicer is able to help you. The key here is PMI.
Should you need help go to FaceBook http://www.facebook.com/elidror

Thank you.

By: acearley

acearley — Sat, 24 Jul 2010 01:26:16 +0000

Hi! For starters, you might want to take a look at this LendingTree blog post: http://blog.lendingtree.com/2010/04/harp-hamp-and-hafa-whats-the-difference/ And I will check around with our experts here to see what they say about the "current lender" part of your question.

By: Enhager

Enhager — Fri, 23 Jul 2010 23:53:33 +0000

Hi Anna, I recently got a call from my lender, Wells Fargo, about using HARP, Housing Assistance and Recovery Program. WFHM doesn’t have the best rates, but another lender said only my current lender could use HARP (I may be a bit underwater in my loan value). Any thoughts?

I don’t see a search bar on your page so sorry if you’ve covered this already.