Mortgage Refinance

fmlewis · 09-10-2012, 03:58 PM

So I am thinking about paying my mortgage using pennies every month, until my bank agrees to refinance it.

We have been trying to refiance through the HARP program which is designed for responsible folks who are underwater from declining property values to enable them to take advantage of the low interest rates of today. But since my current bank / mortgage owner, Union Savings Bank, doesn't participate I get to pay them an extra ~$200 per month. (Most likely I will never do business with them again because of this, otherwise we are very pleased with the service.)

So the reason for this post is if you have refianced recently using the HARP program post up some contact info for your loan officer. Let me know if it was easy to do or a PITA. I am stricking out trying to find a bank that does open access, either people don't do them anymore or they only do FannieMae. From what I have read I am 100% eligible. For some reason since my current mortgage is a balloon loan that hasn't reached its maturity date I am not eligible for some reason but I can not find that anywhere on the FreddieMac website that states that.

Let me know.

94Dodge Truggy · 09-10-2012, 04:33 PM

River city mortgage and Harp 2.0 may help you. Nick Hunter (513) 490-4235 This process goes through our current govornment so it is a slow process. FYI

pete · 09-10-2012, 05:36 PM

I just done this last month thru citi-mortgage and it was a breeze. didnt have any issues whatsoever. took about a month though. I thought they had forgot about it and then they called me with a closing date at no cost to me. well worth looking into saved me about 150.00 a month.

fmlewis · 09-10-2012, 06:31 PM

I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.

biggin69 · 09-10-2012, 06:53 PM

Quote:

Originally Posted by fmlewis

I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.

About 426 lbs.!!!

gothodgie · 09-11-2012, 12:30 AM

Quote:

Originally Posted by biggin69

About 426 lbs.!!!

wtf ?....

eighty3bronco · 09-11-2012, 10:26 AM

hmmm. i got about 496 lbs... Question is where are you going to get that many pennies...

biggin69 · 09-11-2012, 10:30 AM

Quote:

Originally Posted by eighty3bronco

hmmm. i got about 496 lbs... Question is where are you going to get that many pennies...

426....496.....a ****-ton!

fmlewis · 09-11-2012, 10:44 AM

I would so love to do it but my wife informed me of a federal case where someone did a similar thing to pay for a ticket and the mayors court denied the payment because of the burden or similar to physically count it all. Supposedly went up to the Supreme Court and they ruled on the mayors court side. Said she heard of it at one of her CALEA conferences she attended, police accredidation stuff.

But I would so love to do it just to make a point. Buy the pennies from my bank unroll all of it and take it in there with a wheel barrel pour it all over the floor. Maybe I should start with quarters then gradually go to pennies.

HERE IS MY PAYMENT *****ES!!! :)

I have actually contacted my congressman to share my disgust over the issue with respect to the program. I don't expect much to happen but its worth a shot, you never know.

WrenchMonkey · 09-11-2012, 11:54 AM

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

fmlewis · 09-11-2012, 01:01 PM

Quote:

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.

WrenchMonkey · 09-11-2012, 03:30 PM

Like I said, not tryin to bust your hump, I certainly see where you're coming from. Of course we'd all like a lower payment to make, it's just whether you or I (or the feds via HARP) can or should be able to force your bank to take it, y'know?

Quote:

Originally Posted by fmlewis

...I am not going to go to crazy and will just pay in quarters instead of pennies...

Well, as long as you're staying rational about it!

Good luck with it man...

Robert

09-10-2012, 03:58 PM	#1
fmlewis The best damn Engineer!!! Join Date: Aug 2008 Location: Fairfield Posts: 135	Mortgage Refinance So I am thinking about paying my mortgage using pennies every month, until my bank agrees to refinance it. We have been trying to refiance through the HARP program which is designed for responsible folks who are underwater from declining property values to enable them to take advantage of the low interest rates of today. But since my current bank / mortgage owner, Union Savings Bank, doesn't participate I get to pay them an extra ~$200 per month. (Most likely I will never do business with them again because of this, otherwise we are very pleased with the service.) So the reason for this post is if you have refianced recently using the HARP program post up some contact info for your loan officer. Let me know if it was easy to do or a PITA. I am stricking out trying to find a bank that does open access, either people don't do them anymore or they only do FannieMae. From what I have read I am 100% eligible. For some reason since my current mortgage is a balloon loan that hasn't reached its maturity date I am not eligible for some reason but I can not find that anywhere on the FreddieMac website that states that. Let me know.

09-10-2012, 04:33 PM	#2
94Dodge Truggy EX-Vice President Join Date: Jan 2007 Location: Fairfield, Ohio Posts: 3,048	River city mortgage and Harp 2.0 may help you. Nick Hunter (513) 490-4235 This process goes through our current govornment so it is a slow process. FYI __________________

09-11-2012, 10:26 AM	#7
eighty3bronco anywhere but there Join Date: Jan 2007 Location: Blanchester, Oh Posts: 174	hmmm. i got about 496 lbs... Question is where are you going to get that many pennies... __________________

09-11-2012, 11:54 AM	#10
WrenchMonkey Mechanical Animal - CORE Member - - Moderator - Join Date: Feb 2008 Location: Beechmont Posts: 1,883	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 __________________ DIRTY DEEDS, DONE DIRT CHEAP Whatever doesn't kill you makes you stranger

09-10-2012, 05:36 PM	#3
pete Join Date: Mar 2008 Location: sharonville Posts: 26	I just done this last month thru citi-mortgage and it was a breeze. didnt have any issues whatsoever. took about a month though. I thought they had forgot about it and then they called me with a closing date at no cost to me. well worth looking into saved me about 150.00 a month.

09-10-2012, 06:31 PM	#4
fmlewis The best damn Engineer!!! Join Date: Aug 2008 Location: Fairfield Posts: 135	I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.

09-11-2012, 10:44 AM	#9
fmlewis The best damn Engineer!!! Join Date: Aug 2008 Location: Fairfield Posts: 135	I would so love to do it but my wife informed me of a federal case where someone did a similar thing to pay for a ticket and the mayors court denied the payment because of the burden or similar to physically count it all. Supposedly went up to the Supreme Court and they ruled on the mayors court side. Said she heard of it at one of her CALEA conferences she attended, police accredidation stuff. But I would so love to do it just to make a point. Buy the pennies from my bank unroll all of it and take it in there with a wheel barrel pour it all over the floor. Maybe I should start with quarters then gradually go to pennies. HERE IS MY PAYMENT *****ES!!! :) I have actually contacted my congressman to share my disgust over the issue with respect to the program. I don't expect much to happen but its worth a shot, you never know.