Comments for Is HARP Right For You?

Is HARP Right For You?

2012-01-19T16:23:08Z

HARP has been a lifeline for many homeowners underwater with their mortgages, making it possible to refinance at today's lower rates and reduce monthly payments. In November, the federal government revised HARP guidelines to make the program even more accessible and valuable to many homeowners. At Citi, we know that HARP guidelines can be confusing, so we're here to help. Is HARP right for you? Here's what you need to know.

The Home Affordable Refinance Program (HARP) was established in 2009 to help homeowners obtain mortgage refinancing if they might not qualify otherwise (due to declining home values, for example). Via HARP, homeowners can refinance into new, more stable and affordable mortgages.

Under old HARP guidelines, you could obtain a fixed rate mortgage for up to 125% of home value; under the new guidelines, this cap for fixed rate loans is lifted (in other words, there are no loan-to-value ratio or LTV limits for loans of 30 years or less). For adjustable rate loans, you can borrow up to 105% of home value. So you can improve your monthly cash flow, pay off your mortgage faster--and even have new confidence to buy a new home.

HARP works not only for primary residences, but also for second homes and investment properties--including condominiums. No private mortgage insurance (PMI) is required, if it wasn't necessary to obtain the original mortgage. And no income documentation is required to refinance.

Qualifying for HARP

There are several guidelines you need to meet, to be eligible for HARP. Here are the major highlights:

· Your loan must have been originated no later than May 31, 2009.

· It must be owned or guaranteed by Fannie Mae or Freddie Mac.

· The loan amount can't exceed the conforming loan limits, as established by Fannie and Freddie, for the area where your home is located.

· Your loan must be current--with no late payments in the past 12 months.

· Your property can't have been refinanced before under HARP.

It's important to understand that these guidelines are set by Fannie and Freddie, not the mortgage servicers. Servicers like Citi can facilitate these programs on behalf of homeowners, but they don't establish the qualifying parameters for the program.

If you're interested in HARP and believe you might qualify, ask your mortgage company to find out for sure. Citi customers can call-toll-free 1-800-248-4638^† or visit www.citimortgage.com. With today's mortgage rates at their lowest levels in decades, now's a great time to refinance. And if that wasn't an option for you before, the 'new and improved' HARP may be the answer. Ask your mortgage company for details.

^†Calls are randomly monitored and recorded to ensure quality service.

Comment from carolyn marshall on 2012-03-19

2012-03-19T18:31:49Z

I sincerely apologize for the long hold time. I forwarded your inquiry to a manager and asked that someone contact you. Thank you for taking time to contact us; we appreciate the opportunity to serve you.

Comment from carolyn marshall on 2012-03-19

2012-03-19T18:25:08Z

Flora, I forwarded your information to the Homeowner Support team and ask that someone contact you immediately. Thank you for contacting us; we appreciate the opportunity to serve you.

Comment from carolyn marshall on 2012-03-02

2012-03-02T15:56:54Z

Joline, I sincerely apologize for the long hold time. I forwarded your comment and understand that Ashley sent you an email offering her assistance. If you still need assistance, please contact Ashley. Thank you for post.

Comment from carolyn marshall on 2012-03-02

2012-03-02T15:51:32Z

Thank you for the question, J Bird. There are a number of programs available, but I'm unable to speak specifically to your loan because I don't have access to your account. I have asked one of our Homeowner Support Specialists to contact you directly.

Comment from carolyn marshall on 2012-03-02

2012-03-02T15:22:51Z

James, thank you for contacting us. I apologize for the experience. I forwarded your inquiry to one of our managers and asked that someone contact you directly. I understand he sent an email to you requesting additional information and is awaiting your response. Thank you for contacting us.

Comment from carolyn marshall on 2012-03-02

2012-03-02T15:03:19Z

I sincerely apologize for the long hold time. I forwarded your comment to one of our mortgage consultants and understand he sent an email to you requesting additional information. Thank you for contacting us; we appreciate the opportunity to serve you.

Comment from carolyn marshall on 2012-03-02

2012-03-02T15:01:06Z

Hi David. I'm glad you found the information helpful. I apologize for the experience. I don't have access to your account information, so I forwarded your information to a manager and asked that he contact you directly. I understand Chad emailed you, but has not yet heard back from you. If you haven't received his email, please check your email spam folder.

Comment from Jenifer Andrews on 2012-02-29

2012-02-29T15:22:05Z

Is this a joke? I've been trying to speak with a customer representative most of the day. I'm left on hold so long that the line cuts off. I'd like to refinance. However if I can't maintain a business relationship with Citimortgage, I will move my loan elsewhere.

Comment from Flora A. on 2012-02-28

2012-02-29T02:16:51Z

Hi, I have been trying to contact someone regarding a HARP loan for two days. I completed information on-line and was given a contact ID number. Someone did call but I missed the call and I haven't been able to get through on the phone number I was given. Is there another way to get in contact with someone?

Comment from carolyn marshall on 2012-02-23

2012-02-23T21:11:09Z

Thank you for the post. I forwarded your comment and email to a Sales manager. I understand Ashley is working with you to address your concerns.

Comment from carolyn marshall on 2012-02-23

2012-02-23T21:10:19Z

Hi Vicky. I asked one of our Lending Specialists to contact you directly. I understand Terrance has attempted to contact you by phone several times and left a message with his contact information, but has not heard back from you. If you still need assistance, please contact Terrance directly.

Comment from carolyn marshall on 2012-02-23

2012-02-23T21:02:39Z

I sincerely apologize for the long hold time. I forwarded your comment and understand that one of our mortgage consultants has sent you an email for additional information. Thank you for contacting us; we appreciate the opportunity to serve you.

Comment from Joline on 2012-02-10

2012-02-10T21:24:11Z

It was determined that we are eligible for the HARP program...I called the number given to me by one of the many Citi Representative I spoke with today. After waiting on hold for over 3 hours and 30 minutes I hear ringing versus the annoying hold music I have been listening to only to be disconnected... Feeling slighly defeated as I can not wait on hold that long again.

Comment from J Bird on 2012-02-08

2012-02-08T22:58:51Z

I only hear under water in these Harp programs. What about the hundreds of thousands of borrows who are not under water, in fact, we have great equity in our homes and have remained current. But, we have high interest rates and need relief. We can't refinance conventionally. Many of us are "under employed" or "unemployed". WHERE IS OUR HELP???

Comment from James on 2012-01-30

2012-01-30T20:05:25Z

I have requested a call regarding mortgage modification three times on the Citimortgage website. Two weeks ago somebody called with a range of questions and said the wait time to reach someone was 90 minutes or they could call me back. Nobody has ever called back. When I called today, the system says it's too busy and ends the call. I simply can't get anyone at Citimortgage to talk to me.

Comment from Amy on 2012-01-27

2012-01-27T18:41:22Z

What is the average wait time to reach a HARP mortgage professional? Can a representative call me? I was on hold yesterday for one hour and 15 minutes before I was accidently hung up on and today I've been on hold for one hour and 45 minutes without reaching a representative. I have been pre-qualified by taking the survey with a representative over the phone. I don't understand how my call can be so important to CitiMortgage, as the prompt continues to tell me, when the hold times are so long. At the very least, you could tell consumers estimated hold time lengths so we can plan our day.

Comment from David Denham on 2012-01-26

2012-01-26T23:12:29Z

Carolyn, thank you for the blogs and for the information on HARP. I called Citi today to understand how HARP could help out with my mortgage and the rep on the phone said, "My mortgage wasn't coded with an "eligibility code" that made it eligible for HARP or any assistance." He could provide no explanation and could provide no way for me to escalate the inquiry.

Can you provide insight on how Citi codes these mortgages and why some can benefit from HARP and others can't - different from the requirements you've listed above? I meet all the guidelines above and my home is "under water."

So I don't know why I am not eligible. Thanks for your help.

David

Comment from Trying to contact the loan consultant BUT NO ONE ANSWERS.... on 2012-01-21

2012-01-21T19:00:20Z

Hi, I've been trying to contact the loan consultant almost for a half day today (Saturday) for refinancing inquiries. But NO ONE Answers for a couple of hours. I saw that you're available 24/7 days for refinance phone line. Has it been changed?

Comment from Vicky Bray on 2012-01-19

2012-01-19T21:17:29Z

No where does it say what income is required to qualify. The whole purpose of the program is to help homeowners who are underwater or having a hardship. However, even if you have a great payment record and have made extra payments you aren't eligible (per Citi Mortgage) unless you have an income or unemployment. Hmmm unemployment pays what max $XXXweek? (That will really help things along). They won't count your 401 or your savings..... They won't count that you've paid religiously, been on time and have a great credit score! So if you've been a good guy all these years it doesn't mean a thing. No wonder people end up forclosing or filing bankruptcy!

Comment from T.Ritz on 2012-01-19

2012-01-19T17:37:06Z

What this article doesn't say is you must pay $500 out of pocket for a appraisal and thousands of dollars in closing costs will be added to your loan that is already upside down. If the new HARP guidelines state there is no cap why does it matter what your house appraises at? How is adding more money onto your loan helping you in the long run? It doesn't, it just makes you upside down even further.
What would really help your customers is to do streamlined refinances (like other lenders do) where no appraisal or closing costs are required.