Let me start with some background about my situation.
I have never missed a payment or been late on a payment.
My home is owned by Fannie Mae.
I originally put a 20% down payment on my Home.
I have had the same Job since 2008.
I have a 770 median credit score.
Wells Fargo services my current mortgage.
My application for Harp 2.0 was rejected by Wells Fargo because I am too "High Risk" due to how underwater my home is. LTV is too high!
The whole purpose of Harp 2.0 was to finance people who did the right thing but were underwater for no fault of their own. Wells Fargo is criminal. They are ignoring the government guidelines and refusing to refinance Harp 2.0 loans with a LTV more then 115%. That is not even as good as Harp 1.0. (which they would only refinance up to 105%).
Even if I would have have been refinanced I would have had to pay a 5% interest rate when rates were hovering in the low 4% range due to how underwater my home was (about 170%)
This whole thing is criminal, and ridiculous. They do not want to refinance me because they are making money off me already and do not want to lower their profits.
Why even claim to participate in the program if you really are not following any of the guidelines?
Sunday, March 25, 2012
Posted by Chris at 11:50 AM