posted: Apr. 13, 2013 @ 10:51a
I started looking into doing a HARP refi about 7 weeks ago or so on my primary home and my investment property. They're both serviced by Bank of America. As far as I know I had to try through them since my DTI was calculated currently at around 70%.
The 1 I wanted done the most I'm so happy to report has been done, which was the investment property.
Now I just need to get my primary done but as luck would have it, right when I called B of A to do a HARP on it, they had just transferred my mortgage over to Green Tree!!!! **bleep** NOOOOOOOOooooooooooooo!!!!!!
It's crazy because my investment property was with B of A, and when I called to do a HARP on both properties, it had turned out that they had just transferred my loan to Green Tree not more than a couple of days ago!
My timing was horrible.
Anyways, I have a 1st and 2nd on my primary, and they both happen to be with Green Tree. B of A sold my 2nd to them a couple of years ago, and just recently, starting this month my 1st is now with Green Tree.
So I was only able to do a HARP with B of A since they owned my mortgage, because my DTI is right around 70%, so it's too high to go with anyone else. So I'm stuck. I'm getting by, and paying it down, but it won't be down to the 50% level till around January or so.
Thank fully they just extended the HARP deadline another 2 years though. So I no longer have to worry about trying to do a HARP refi by the end of this year.
So that's a HUGE relief!
So anyways, since I have no other choice it seems at least right now, I've tried contacting Green Tree about a HARP refi, but all the horror stories I've read about them are true. No 1 answers their phone. And when you're waiting for them to pick up the call drops. And if you do get through they tell you you need to apply online for a HARP refi.
Which I've done 4 times now. And each time I get an email back saying there is no program for me!! WTH? I clearly qualify for a HARP refi and even specified as such, but their web sites and everything about them is so generic.
Even the emails I get back saying they don't have any program for me is signed with the same exact looking signature from 3 different people. It's a signature that looks like it was just stamped on there. The font looks the same for everyone's signature. Name is just different is all.....! Kind of like those robo signing schemes we've all heard of.
So I've given up on Green Tree for a harp refi since they seem to be pathetic, and I will just proceed to lower my DTI to an acceptable level so that I can just ditch them and go with someone else in 8 months or so.
Quicken offered me a great rate and closing costs, but like I said my DTI at around 70% is too high. So they can't work with me.
But it occurred to me and this is my new worry...
If you have a 2nd, the lender you're trying to do a HARP refi through, they have to go get the holder of the 2nd loan to do a subordinate right?
MY new worry now is what if I'm able to get a HARP through a different lender like Quicken for example, but once they contact Green Tree on my 2nd, Green Tree won't answer their phone or whatever else, and my new potential HARP refi will go nowhere. And if they do happen to answer their phone, what's to stop them from saying no, since they own both the 1st and 2nd on my home?
Green Tree HAS GOT TO subordinate my 2nd loan since they hold it right? If they don't, my HARP refi will fall through? Correct?
So I'm hoping some of you have had experience doing a HARP refi with Green Tree as the servicer of your mortgage.
Hopefully some of you here had been able to get away from Green Tree to another bank, with Green Tree having been the holder of your 2nd mortgage.
What really worries me is now that Green Tree holds both my 1st and 2nd mortgage, that they're probably not going to agree to do a subordinate on my 2nd since if they did that, they'd lose out on me with them being the holder of my 1st mortgage as well.
It seems to me and looks like now that Green Tree holds both my mortgages, their trifecta is complete, and now I have no hope at all at getting a HARP refi done at all.
I can't help but wonder if this was Green Tree's master plan all along. Buy up everyone's 2nd's on their homes, and then later on down the line buy up their 1st's as well. That way people can't do a HARP refi either with Green Tree, or with some one else! So people get trapped in their high interest loans, unable to refi.
Any input would be awesome.