I paid $427,500 for my house in 2006, I put $85,500 down payment, and quiet often I paid extra $500 towards the principle. I have the mortgage balance around $304,000 with a 6.375% interest, and my house is worth around $250,000.
I am trying to do a HARP refinance through the service company, Greentree service, and I was told I am not qualified because of my income. I am a self-employee, I have good years and bad years, I have never been late on any payment in my life, and I have over 800 FICO score.
My current payment is $2,140 PI with 6.375% interest rate, for sure I can reduce the payment if I can do the HARP refi. How can a lender dis-qualify me if I have less monthly payment?
That's all because the greedy lender doesn't want to reduce the profit, they forgot all we tax payers bailed them out. I am ready to default on my loan, I'll drag the foreclosure as long as I could (rent free), I'll trash half the house. By the time Greentree takes back the house, there's probably over $100,000 repair work needs to be done.
If there's enough people like me doing that, I am sure the lenders will be more cooperate doing the refi to their customers.
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