Ovation Home Loan Consultant Janet Williams, Irvine CA, took us on a ride and a waste of her and my time. We were underwater on our home loan and according to the Harp 2 program knew we would be eligible for a refinance. After going through all of the paperwork and emails back and forth we were told that they could not help us.
Now, we have a high credit score of 740, cash of several thousand dollars in bank, long employment history and a beautiful home well maintained. Home values have decreased in our neighborhood from a one time high value of $325000 to $110,000 current appraised not market value.
We just knew we were qualified and then suddenly things started going south. The LTV exceeded 150% and we suddenly did not qualify. The Harp program approved us but underwriters at Ovations has their rown requirements... They can add restrictions as they like whenever they please. We were told we would not need a appraisal initially, but later it became necessary because she (Janet) states, 'they (Underwriters) like to add theses things and we hate it too'.
Then WHY did we have to have a appraisal if they knew we were well over their LTV limit. They were informed of the payoff value and knew what the market value was in the Las Vegas area... Hell everybody knows Vegas homeowners are underwater and other lenders we previously visited told us the market value of our home without an appraisal.
I am just ticked off that she (J. Williams@Ovationhomeloans had us spend $400 for an appraisal that was not necessary, nor required under Harp 2 program and then lied to us telling us that she told us of what their loan to value restriction was. That was a bald face lie... I'm sorry... It is!
THE POINT: Beware of Lenders who fish you in with promises of Harp 2 Lending and their underwriter requirements are far more stricter than you can imagine. They will waste your time and resources and then you will feel as if you did something wrong or was not good enough. Possible room here for discriminatory practices here or redlining.
This is my third lender I have used to try and get a decent Harp 2 refi, and each one has used some kind of deceptive tactic to raise either the interest rate higher or reduce the terms from 360 months to 300 months in order to make it attractive to them. Yep that happened too!
I hope this helps someone to SHOP around 1st and ask the right questions before you talk to a lender on OBAMA HARP2 REFINANCE PROGRAM. Trust me... There are some slick folks out there.
0 comments