Mortgage Refinance

[fmlewis]

Originally Posted by WrenchMonkey

Not to be a weiner, but why do you think it's your bank's fault? Why do you think they owe you a refi?

I mean, you signed a contract to borrow $xxx,xxx, for x number of years, at x.xx% interest. That hasn't changed. If market rates had gone up instead, would the bank be entitled to "refinance" your terms to match?

It does suck out loud that you're stuck underwater. Lotta people are.

I just don't see how it's the bank's fault...

Robert

I agree with you on the fact that I signed a contract. I have no issue with that. That is one of the reasons why I continue to pay the mortgage.

My problem is that I have read all about this program. Everything I have read states that I am eligible. Even the other loan officers I have spoke to say I am eligible. The problem does in fact lay with my current bank. For some reason they have some agreement with FreddieMac or placed some type of restriction that prevents me from refinancing through HARP. However, like you so kindly pointed out I did sign a contract that is why I am not going to go to crazy and will just pay in quarters instead of pennies.

I know I am airing dirty laundry here and expect to get comments to like yours. But you can't tell me that if you have a mortgage with a 6% interest rate with todays rates around 3.75% (giving potential to save over $200 a month) and meet the guidelines set forth by FreddieMac or FannieMae (whichever owns your mortgage) for HARP that you wouldn't want to take advantage of it.