About Michael Kraus

mkraus@totalmortgage.com'

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Comments

  1. sprinkit@yahoo.com' CAS says:

    I think most of the lack of participation is due to ed demarco’s quasi religious beliefs that principal reductions wont work, therefore not allowing fannie and freddie to participate in this program. Pretty hilarious that f&f can buy up loans without the homeowners consent and then hold them hostage and not allow them to participate in treasury dept approved programs. While there at it I wouldn’t be surprised if f&f found a way to bet against homeowners being able to do a refi..oh wait, they did. Lets hear it for fraud and screwing the middle class!

  2. csonjeow@gmail.com' Chris says:

    I’m in the position of underwater by a margin slightly higher than the original 125% LTV ratio (currently 135%). I would love to participate in the HARP 2.0 program once they lift the LTV caps. My current lender (Citizens, owned by Royal Bank of Scotland) is not one of the big 4 so they do not know if they will even be participating in this program.

    A few days ago, I went to my bankers at Chase to see if they would take on a loan under this program and I was denied because I did not have my mortgage through them initially. The program was only available if I already had my mortgage with them.

    It’s too much risk for a new lender give me a new mortgage and my current lender isn’t participating in the program so I have to wait.

    I understand having to weed out the good borrowers from the bad but many homes have lost up to half the value in the past 3 years, thus eliminating them from any kind of relief.

  3. mkraus@muihomeloans.com' Mike says:

    I have 2 homes, both mortgages are bank portfolio mortgages so neither is Fannie or Freddie. Still left out in the cold with HARP 2.0.

  4. carole@bcryan.com' Carole says:

    what banks are participating in the FHA Short Refi program ? And why is it called the FHA Short refi if FHA loans are not eligible?

  5. eric.sligar@mcckc.edu' Eric says:

    I’d like to know which banks are participating and how to get the ball started as well. I think that I qualify if I can find an institution that would do it. Currently my mortgage is held by Citi, but I think it’s Citimortgage and not Citigroup.

    From what I’ve seen, if you have an FHA loan already you need to look at the FHA Streamlined refinance. That seems to be the way to go, and also seems to be easier.

  6. ravenwolf6201@yahoo.com' Melissa says:

    Why are all the loan modifications/refinances that have come along with these bills only looking to help loans backed by Fannie or Freddie? Just because I have an FHA loan 1st mortgage makes me ineligible for relief. My house’s value has dropped just like everybody elses. Tried to do a traditional refinance combining our 1st and 2nd mortgage at the new rates, was supposed to save us hundreds a month, but the house appraisal came in to low. Where is our help????

  7. mchuthakieo@gmail.com' Mike says:

    Has anyone had any luck with Citimortgage and the FHA Short Refi? If so, please share. On paper, I qualify for this refinance option, but Citimortgage refuses to adjust my rate.

  8. john.sarausad@gmail.com' John says:

    If your FHA loan was originated prior to June of 2009, you may be eligible to take advantage of some good savings on your 1st mortgage payment starting 6/12/2012, while subordinating the 2nd mortgage (leaving it the same). This does not require an appraisal and all of your closing costs would be paid from a lender credit. The majority of the refinances I do are FHA Streamlined Refinances with no appraisal and no closing costs. If you are in Washington, Oregon or California, I’d be happy to put numbers in front of you and see if it makes sense.

  9. shelly.sisson@gmail.com' Shelly says:

    I am one of the many homeowners that are left out in the cold by HARP 2.0 and the FHA short refinance (SunTrust does not participate in the program). My loans are both interest only are portfolio products. The home is underwater by at least 125% and we are running out of options and time. Is there help for families like mine and if so what?

  10. jgedde@catalystlending.net' Jon says:

    Hey Chris,

    I can help you! Many banks have made the decision not to participate unless they originated the mortgage initially, because it serves their purposes. That said, they whole purpose of the program was to allow anyone with a fannie/freddie loan to refinance at any LTV with any lender. There are lenders doing just that, and we are one of them. We can refinance your loan as long as it is owned by fannie or freddie (and other minor qualifications are met…on time payments, reasonable credit score, etc). Write me back…I’m happy to help, or point you so someone who can in your area.

  11. lauriepatrick@cox.net' Laurie says:

    I have a mortgage through US Bank with an interest rate of 9.65%. I am also upside down in the mortgage. The house in Omaha NE is probably worth 90,000 and I owe $114,000. I know this seems minor compared to some, but I don’t have $20,000+ to pay this down. I can afford the payments right now, but the principle is going nowhere. I would like to be able to move from this house, but don’t think I ever will be able to. US Bank agreed to refinance the entire amount for 7% because I owe more than it is worth. I have always made my mortgage payments timely. Where are the 3-4% loans for people in my situation? How can I reduce the principle? I’m sure they have made more than enough on me already, that they should be able to reduce the principle to a reasonable amount.

  12. boffi3@verizon.net' regina says:

    Laurie,
    I am in the same boat as you. We have a mortgage with US bank.. we are upside down.. value.. around 200,000.. loan is at 270,000…………….. They make it seem like it is next to impossible to refinance… or they just transfer you to voicemails of people who are never there… very frustrating…UUUUUUrrrrrggggggggggg

  13. wright.corey@gmail.com' Corey says:

    Has anyone used 1st Alliance??? They are working with me on this program and they have gone so far as to send me all the initial documents. I’m trying to confirm if they are a credible lender and also discuss the terms on the documents with some folks.

  14. tv_shah@yahoo.com' Tejas says:

    Hi Corey,

    I am thinking of contacting 1st alliance. Were you able to refinance with 1st alliance? How was your experience?

    Thanks
    Tom

  15. conycat@prodigy.net' Angelica says:

    Hi, I’m looking for the name of banks who are willing to do FHA Short Refinance, can anyone give me this information please? I’ve been on the FHA govt. web page where there is a supposed list but when I click on it to print it, it won’t print, nothing happens. Can anyone help?

  16. Ambur.quijada@gmail.com' Ambur says:

    We are currently trying to do a short refi with First Alliance. The service rep is horrible and they are trying to pressure us signing the documents but she isn’t able to answer all of my questions. her default answer is “‘just sign the papers that we sent you and send them back, it’s not committing you to anything.” When I spoke to my mortgage company that stated that they are salespeople and they work on commission. I am not impressed but I don’t know anyone else that will do this program.

  17. daniel_grunauer@Yahoo.com' Peter says:

    I just closed my loan through Fay Financial. They are wonderful to deal with. The process takes about 60 days but definately well worth my time.

  18. shoare@pyramidmold.com' Steve says:

    I had a meeting with Bank of America today (11-26-2012)for the FHA Short re-finance. “My current loan is with BofA”
    After answering their initial questions regarding being eligible I apparently passed. They are now sending me the loan packet to fill out. Has anyone out there had any luck with Bank of America on the FHA Short Re-finance, am I wasting my time or is there hope.

  19. norahmis@yahoo.com' autum says:

    I contacted them and was told that they do not want to deal with NH Housing or Dovenmuelhe customers.

  20. norahmis@yahoo.com' autum says:

    I checked Fay Financial out but no where does it mention that they participate in FHA Short Refinance.

  21. chriscarmona@gmail.com' Chris says:

    How’d your Short Refi go with BoA? Waste of time?

  22. ekwisdom@netzero.net' Kristi says:

    Hi Does anyone know if the FHA short refi program expired in 2012? We have Wells Fargo and owe 330K houses in our area are going for 180K and Wells Fargo not willing to help..Thanks

  23. mcclain325@gmail.com' CAROLYN says:

    Does bank of america have this program,

  24. Freedom7530@gmail.com' Patrice says:

    What is the status with your SHORT refi with BOA???

  25. dawn.levandusky@gmail.com' Dawn says:

    I’m also wondering how the short re-fi went. We are having a miserable time finding anyone that has any knowledge of this.

  26. Gthompson@mccolly.com' G says:

    I was able to use 1st alliance for this refi in 2012. They were and are so very rude! They “hid” an appraisal on my home showing I had more then 20% equity so I had to go FHA and pay pmi. They call and email every month about the payment. I make it online before the 16th and have to tell them that every month. I want to get rid of this pmi I should have never had to pay. The interest rate is all at least 2% higher

  27. tomcorsi@yahoo.com' Tom C says:

    OCWEN is my mortgage servicer & I am trying to do a short refi with 1st Alliance who has approved me but says I need to send $8000 to OCWEN which represents shortages in proceeds. They want me to send this money to OCWEN with no guarantee but have told me if I send the shortage in the proceeds the deal will go through. Has anyone else ever done this. It sound like I will be sending money and taking a chance on losing it.

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