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About Jim Hoepf
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.

Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.

Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.

Awards and Honors
Broker of the year for Arizona with Homeside Lending.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > HARP

Real Estate Home Mortgages - HARP

Expert: Jim Hoepf - 10/23/2009

Question
Hi there,

I was trying to learn what options might be available for a woman that has went through a divorce 2yrs ago. her husband is on mtg but she is only on title. the Decree states she is to retain the home but yet having trouble getting assistance as far as Making home affordable because she is not on loan. Her husband is not working with her. Can she do a HARP refi and get him off the loan? do you know what other options she might have? Thank you for any input you might have!

Answer
Milli,

Is she trying to modify the loan or refinance it? I would assume that if she is just trying to get it modified, it won't happen because she is not on the loan. A refinance would make more sense and it really shouldn't be that difficult.

Since she is on title, it shows that she has ownership in the property. If she has been on title for over six months, most lenders will accept that. Then, if she has been divorced for two years, I would assume that she has been making the payments on the house, on her own, for that time frame. With those two things in place, she should be able to get it done. Although, you're going to want to work with an experienced mortgage professional so that they get the documentation right the first time.

How much is owed on the house and what's the potential value? Also, where does the borrower live?

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here