Sunday, April 15, 2012

HARP qualification for homeowners, who are on the deed but are not the borrowers on the note

Question: My spouse has recently passed away. Our mortgage was in his name only. The bank says I am not eligible for HARP 2.0 because the loan was in his name only. My name is on the deed of trust. They have suggested short sale or foreclosure. I really want to keep my home and have my payments reduced. Is there a way to do this? I already tried calling the bank several times to try to find a solution to get my home in my name and apply for HARP 2.0 to refinance, but so far no luck.

Response: Unfortunately, even though you are on the deed, you are not the Borrower under the Note. Therefore, the bank cannot refinance or modify a loan, which you are not financially obligated to. The way to do this would be to first assume the loan but you would have to qualify for assumption, i.e., you must be current on your monthly mortgage payments and you should have sufficient income to qualify. Then, at some later point in time, if you are actually having financial difficulties, you can discuss the options of refinancing or loan modification with your bank.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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