Health & Fitness
I Hate Not Being Able to Help All My Clients
There needs to be a refinance option for mortgages with high loan to values and are not owned by Fannie Mae or Freddie Mac.
Denise called me this morning. She was referred by someone that I did a HARP loan for. Her situation was very similar, home worth about $240,000, mortgage balance $245,000 at 6.75%. Her mortgage was originated in May of 2005 by a subprime lender that is no longer in business.
She is out of luck, a HARP loan can’t be done for her, as her loan is not owned by Fannie Mae or Freddie Mac. There are presently millions in the same situation and no mechanism to refinance any of these folks.
There has been talk about a way to get these mortgages refinanced, actually it has only been talk that hasn’t amounted to anything. These families need help to get their interest rates lowered. They are also vulnerable to scammers offering them hope.
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She also told me that she paid a company $3,500 that indicated they could get a refinance done. They played Denise for 6 months and just recently told her they can’t help her. Of course she asked for her money back, they gave her some song and dance. I told her to file complaints with the CT Banking Commission and the Consumer Financial Protection Bureau. These snakes should be in jail!
